We are pleased that the City has received several top quality proposals to redevelop the obsolete Water Street Parking Deck, which is a key riverfront property in the heart of downtown. Once underway, this project will result in a public/private revitalization partnership that will:
- Replace existing public parking, including parking for nearby businesses and growth from the site’s redevelopment;
- Provide public space and pedestrian-friendly connectivity to Front Street; and
- Include privately owned residential and retail uses that will increase our tax base and result in more people living downtown, which will stimulate further economic development.
City Council will consider this issue further in February and there will be many additional steps before any final agreements are reached.
January 30: Development proposal revisions due to City
February 17: Prioritized list of proposals recommended for City Council consideration
Please see the links to the right for the original submissions and the video from each group's presentation. City staff examined the six remaining proposals and compiled an analysis on them as they were submitted on October 17.
View the staff analysis
In May 2013, the city partnered with the Development Finance Initiative (DFI) to conduct a pre-development process that led to issuing a Request for Proposals for redevelopment of the site, using parameters determined by City Council. DFI and city staff will conduct independent reviews of the proposals before making a recommendation to Council.
“DFI is very excited about both the number and the quality of the proposals received. In particular, we’re impressed by the thought and creativity that went into addressing the public interests on this site,” said DFI Director Michael Lemanski.
Highlights of recommended elements for the proposals:
- A mixed use project consisting of approximately 600-650 parking spaces in an above-ground deck, 175-225 residential units and 18,000-22,000 square feet of retail space;
- Reopening Chestnut Street and connecting to Bijou Park;
- Adhering to existing city height restrictions, with some flexibility available to reward high-quality design.