Water Street Deck

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Water Street Development

Project update:

  • The deck is no longer open to parking
  • Work on the duct bank is nearing completion. Utilitiesare in the process of being moved to the underground bank.
  • Demolition will begin in March with the Chestnut Street ramp being the first part to come down, followed by the Grace Street ramp and then the rest of the deck
  • The project is expected to be complete in mid-2019. The parking portion will open sooner, possibly late 2018

 Highlights from the Development Agreement:

  • 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)
  • 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
  • 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 171 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 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
  • 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

Video camera Watch the presentation from the June 21 Council meeting

 

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