The redevelopment plan for the northwest corner of 63rd and Prospect Avenue is moving forward, bringing us closer to the day this area will see more affordable housing, a grocery store and other mixed-use developments.
The ordinance approved last week by the city council supports a general development plan of the Planned Industrial Expansion Authority (PIEA) and a plague declaration for the region. Council members also accepted $ 500,000 in central city economic development funding for pre-development expenses related to the development plan.
“It took a lot of work to get the project to this point, but I’m happy that progress is being made. I look forward to the continued work that needs to be done so that the result is dynamic development that the community will be proud of, ”said Councilor Lee Barnes Jr.
After issuing a call for tenders (request for proposals) seeking proposals to revitalize the area in 2018, city council passed a resolution recognizing UrbanAmerica as a development partner to redevelop the 25-acre site. The city controls the site through a 99-year lease with the Increased Taxation Financing Commission (TIF).
The proposed first phase of the development plan consists of a multi-family building of 300 mixed-income units (market rate, labor and affordability) and a 120-key extended stay hotel with parking. Additional phases include:
- Phase 2: a supermarket and three mixed buildings including offices and shops on the ground floor
- Phases 3 and 4: two big box retail buildings, infill retail, up to three catering sites and repositioning of a gas station / convenience store
- Phases 5 and 6: a self-storage facility and additional development support services.
The deadline for completing the first phase of development is within two years of exercising a purchase option and the second phase within five years of signing a development agreement. The plan calls for the completion of all phases within eight years.
“This milestone shows our commitment to redevelop 63rd Street, a major corridor for our district,” said City Councilor Ryana Parks-Shaw. “The 63rd and Prospect’s development plan coordinates with other critical infrastructure improvement projects planned in the area – smart sewer upgrades and street reconstruction. This project will also be a catalyst for future investments and will provide vital density and economic development in the fifth arrondissement.
The PIEA ordinance makes properties located within the limits of the development plan eligible for PIEA benefits, in particular a reduction in property tax on gradual increases in value up to 25 years and an exemption from the sales tax on materials. of construction during the construction period.
Future council action would include reviewing a final development plan, approving rezoning and reviewing a new TIF plan.
Media can contact Maggie Green, Manager of Media Relations, at 816-379-6562.