Title
University Corners Transformational Incentive Program Application Addendum (B)
Explanation
University Corners, a project by University Development of Gainesville, LLC, is a mixed-use development proposed for the northwest corner of University Avenue and Northwest 13th Street. The project covers three City blocks extending northward towards Northwest 3rd Avenue and westward towards Northwest 14th Street. The project was originally proposed as 157 condominium units, 238 condo hotel units, 115,630 square feet of retail space, an 8-level parking garage with 1,146 parking spaces, part of which was beneath existing grade, and a new church building to replace the building currently on site.
The first two floors within the first two blocks are designated for retail and commercial. The third block will contain commercial space at street level. Floors three through seven on the first two blocks are scheduled for upscale condominiums of varying sizes. Parts of floors two, three and four, as well as all of floors five, six, and seven on the second block are scheduled for a condo hotel. The third block will have condominiums on floors two through eight, retail on floor one, and a nine story parking structure. Parking for approximately 950 spaces is provided for the complex.
The original application was reviewed in October 2005, by the CRA's consultant PMG Associates, Inc. (PMG) to provide an independent analysis of the application. PMG has extensive experience in this type work, and the principal of PMG is a certified public accountant. PMG found that a gap existed in the project, the "but for" test had been met, the project was eligible for incentives under the Transformational Incentive Program, and the City and the CRA would experience a positive cash flow from the project. PMG had determined the "but for" gap to be $39,441,000. A significant portion of the "but for" gap was created by the $19 million in land assembly costs ass...
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