Title
Update on Redevelopment Projects (NB)
Explanation
Staff has been asked to provide an update on several redevelopment projects.
Gainesville Greens- The developer continues to move forward with this project. They had their neighborhood meeting several weeks ago and twelve people attended. The developer received construction estimates and is moving towards the City review process. The draft Development Agreement for this project is nearing completion.
Lot 9 Request for Proposals- The CRA received one proposal for the Lot 9 project. The proposal is for a 122 rooms, seven story, Hampton Inn and Suites hotel. The developer has met all of the criteria set out in the Request for Proposals and will make an oral presentation on March 3, 2006. The proforma is currently being reviewed by an outside source; however, at this time the incentive request appears to be reasonable. The CRA will receive the selection committee recommendation on March 20, 2006.
Jefferson on Second Avenue- Staff has received a Transformational Incentive application for a project called Jefferson on Second Avenue. This four story student rental project is proposed for the Cone property (formally the site for the Midtown project). The application is currently being reviewed by an outside consultant. The CRA will see this request for incentives at the March 20, 2006 CRA meeting.
University Corners- The Development Agreement for this project is underway.
Fiscal Note
None at this time
Recommendation
Executive Director to the CRA: Hear an update from staff.