Project update, August 16, 2017
City Council approved an amendment to the existing Purchase and Development Agreement (PDA) with Water Street Ventures LLC (the developer of RiverPlace).
The new agreement accounts for construction price increases since the original development agreement was approved in June, 2016. Of the additional $8 million, the developer is paying $4.2 million and the city $3.8. The city’s cost will be absorbed into the existing budget with no impact to the newly adopted 2017-18 budget or the tax rate. The revised PDA also included some minor changes to the project aesthetics and the loss of six parking spaces, bringing the new total to 403.
View Deputy City Manager Tony Caudle's slides from the August 15 public hearing.
The project is expected to be complete in late 2019.
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 171 residential units (for sale and/or lease)
- 403 parking spaces, a minimum of 174 of which will be reserved for public use. The city’s cost to construct 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
Project Background and History