The ordinance approved by the City Council supports a Planned Industrial Expansion Authority (PIEA) General Development plan and a blight declaration for the area. Councilmembers also accepted $500,000 in Central City Economic Development funding for pre-development expenses related to the development plan.
"It has taken a great deal of work to get the project to this point, but I'm pleased that progress is being made. I'm looking forward to the continued work that must be done so the result will be a dynamic development that the community will be proud of," said Councilman Lee Barnes Jr.
After issuing an RFP (Request for Proposal) seeking proposals to revitalize the area in 2018, the City Council passed a resolution recognizing UrbanAmerica as the development partner to redevelop the 25-acre site. The city controls the site through a 99-year lease with the Tax Increment Financing (TIF) Commission.
The proposed first phase of the development plan consists of a 300-unit, mixed income (market rate, workforce, and affordable) multi-family building and a 120-key extended stay hotel with parking. Additional phases include:
- Phase 2: a supermarket and three mixed-use buildings featuring offices and ground floor retail
- Phases 3 and 4: two big-box retail buildings, infill retail, up to three restaurant sites, and a repositioning of a gas station/convenience store
- Phases 5 and 6: a self-storage facility and additional supportive services for the development
| Your local Bobcat dealer |
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| Pinnacle Central Co Inc |
The deadline to complete the first development phase is within two years of exercising a purchase option and the second phase within five years of executing a development agreement. The plan stipulates completion of all phases within eight years.
“This important step shows our commitment to redeveloping 63rd Street, a major corridor for our district,” said Councilwoman Ryana Parks-Shaw. “The 63rd and Prospect Development Plan coordinates with other critical infrastructure improvement projects planned in the area — smart sewer upgrades and a street reconstruction. This project will also be a catalyst for future investment and provides density and much-needed economic development in the fifth district.”
The PIEA ordinance makes property within boundaries of the development plan eligible for PIEA benefits that include property tax abatement on incremental increases in value for up to 25 years, and sales tax exemption on construction materials during the construction period.
Future council action would include consideration of a final development plan, rezoning approval, and consideration of a new TIF Plan.
