Infrastructure Improvements in Water Street
Water Street is now closed to vehicles and pedestrians from Grace Street to Chestnut Street (the Southern end of the old deck). This closure will last until late April, 2018
This closure will allow work to begin on the next phase of infrastructure improvements beneath Water Street. The project will involve new water and sewer lines beneath Water Street from Chestnut Street to just beyond Grace Street. You will recall that new lines were placed in front of the Federal Courthouse in 2016-2017. We are jumping a block in order to coordinate with the construction of the Riverplace project, which will begin this Spring.
- Hilton: A temporary entrance will be created this week to allow entrance into the Southern parking lot of the Hilton. Access to the Hilton Northern lot will remain unaffected during this phase.
- Water Street Center: Vehicles wanting to use the on-street parking in front of the Water Street Center will need to come from the South (Princess Street).
- Cotton Exchange: The entrance to the Cotton Exchange parking lot is now on Walnut Street and is unaffected by this closure.
- Pedestrian traffic on Water Street will detour through Memorial Park and along the Riverwalk behind the Hilton.
River Place Development
Construction is expected to begin this Spring on the multi-story mixed use development that will include parking, residential and retail space. The project, slated for completion in 2020, 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
In August 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.