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Saturday, July 23, 2016

On June 21, City Council approved the development agreement for the Water Street deck. Council heard three items on this topic

  • APPROVED. A $169,000 agreement with AT&T to relocate underground utilities on the site (a necessary step prior to beginning demolition of the existing obsolete parking deck 

  • APPROVED. A resolution authorizing a purchase and development agreement with Water Street Ventures LLC where the city will sell and convey approximately 3.45 million cubic feet of air rights (at a cost of $1,015,338.42) and lease 32,368 square feet of ground rights to Water Street Ventures for the development

  • APPROVED ON FIRST READING ONLY. An ordinance appropriating approximately $15.63 million to the Parking Facilities Capital Project Fund for the project and $2 million to the Streets and Sidewalks Capital Project Fund for the Chestnut/Grace Street Project

The Project will consist of the demolition of the existing Water Street Public Parking deck and construction of a multi-story mixed use development including parking, residential and retail space. In addition, it  will maintain access to Bijou Park and  re-connect Chestnut Street to Water Street, while  providing public space at the at the foot of Chestnut Street. Some highlights include:

  • 25,633 square feet of commercial space including retail shops and restaurant and bar space, primarily on the ground floor

  • Approximately 170 residential units (for sale and/or lease)

  • 409 parking spaces, a minimum of 174 of which will be reserved for public use. The city’s cost to constuct the new parking facility is estimated at $19.7 million, not to exceed $20.7 million

  • Residential units will “wrap” the parking deck on the Water Street side, masking view of the parking from Water Street

  • The facility will not exceed current zoning height restrictions of 132 feet

  • Construction must begin 90 days after sale of the property

  • Construction must be completed within 36 months after sale of the property

  • Construction must be completed within 36 months after sale of the property
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