ACTION REQUESTED:
Title
Communication from the City Manager with a Request to ADOPT an ORDINANCE Approving the MURRAY PLACE DEVELOPMENT LLC REDEVELOPMENT AGREEMENT. (1st District)
Body
BACKGROUND: Murray Place Development LLC is seeking to redevelop an entire block in the Warehouse District. The block in bounded by Water Street, Walnut Street, Washington Street and the Bob Michel Bridge. It contains two structures: a four-story, 80,000 square foot building at the corner of Walnut and Water (commonly referred to as the "Murray Building" or "Stuber Building") and a single-story, 10,000 square foot barrel-roof building on Washington Street next to the bridge. The development team is investing $13.8 million to convert the primary structure into a mixed-use building that will include ground floor retail, second floor commercial office space, 32 residential rental units on the third and fourth floors and a rooftop patio. This building is already home to the recently renovated and reopened Rhodell's Brewery. The project also includes the renovation of the single-story structure into commercial office space and/or retail space.
This project represents the first major mixed use project in the Warehouse District TIF. The property sits in a key location along the riverfront and between anchor developments in the 400 and 600 blocks of SW Water Street (including Le Vieux Carre, Water Street Solutions and 401 Water). The addition of residential units aligns with a key Council priority of increasing the population of downtown.
In addition to the redevelopment of the subject property, the developer has also offered to finance the costs of a number of off-site public improvements. Specifically, the developer is willing to front the funds to underground utilities along Water and Walnut and complete the proposed Water's Edge Park. While the Redevelopment Agreement outlines how these improvements are financed and reimbursed, the City must separately authorize ...
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