ACTION REQUESTED:
Title
Communication from the City Manager with a Request to ADOPT an ORDINANCE Approving the RIVER TRAIL REDEVELOPMENT AGREEMENT (1st District).
Body
BACKGROUND: In 2008, the City began marketing a development opportunity on City owned land along the Illinois River, between the Riverplex and Detweiller Marina in Riverfront Park. The original concept included the extension of Water Street (from its current terminus at Irving) northeast along the river and the construction of multi-family apartment complexes and/or town homes. The concept was the subject of a number of public meetings. Since 2008, the City has continued to solicit development while engaging in some pre-development exploration of environmental, geotechnical and legal issues.
In 2011, River Trail Drive, LP (RTD) began working with the City to further explore a development opportunity. RTD is a development partnership between Desmond Curran, an experienced builder and Vice President of Westpoint Builders in the Chicago suburbs, and Glen Barton, a local investor. Together, Mr. Curran (who serves as the project lead) and Mr. Barton have collaborated with the City to develop and refine a concept that would construct "River Trail Apartments," a new apartment complex to the area. The development includes four buildings of 36 units. Each building is a four-story elevator building that includes some interior parking (10 per building), balconies for every unit, and common areas on each floor. In total there will be market-rate 143 units (plus one model unit):
* 55 one bedroom units (avg. size of 865 square feet)
* 72 two bedroom units (avg. size of 1,160 square feet)
* 16 three bedroom units (avg. size of 1,450 square feet)
The buildings will include premium finishes in the units and as part of the fa?ade. The complex includes significant landscaping. A site map and building renderings are attached.
In addition to the building construction, the project also ...
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