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Economic Development Manager Sullivan presented the staff report. <br />Marybeth Wise, Norhart Architecture, LLC, commented that they are excited about the plan the <br />City has for The COR and believes this would be a great addition. She stated that Norhart designs, <br />builds, and rents market rate apartments. She stated that the company has been family owned and <br />began in 1995 with 12 developments currently in the metro area. She commented that all their <br />services are in-house, and they do not bring in subcontractors. She provided an overview of the <br />most recent apartments they have built. She provided details on community partnerships, noting <br />that they like to become a member of the community. She stated that this project would propose <br />about 200 market rate units, five stories in height. She stated that they would not be requesting <br />financial assistance and would be conforming to The COR development standards. There would <br />be a mix of studio, alcove, one-, two- and three -bedroom units with surface and subsurface parking. <br />She noted that there would be 5,000 square feet of retail on the ground floor with an additional <br />patio. She displayed the preliminary layout, building amenities, in unit amenities, and exterior <br />amenities. She reviewed the proposed development timeline noting that they would target to break <br />ground in spring of 2025 with an estimated 16-month construction period. She stated that there <br />are several extensions built into the purchase agreement as their construction pace is market <br />dependent and they would want to account for unforeseen delays to current projects. <br />Member Stewart asked the location for this project. <br />Economic Development Manager Sullivan provided more details on the project location at north <br />of the Hilton Home2 site and south of the future extension of West Ramsey Parkway. <br />Member Stewart asked if this would conflict with the hotel site. <br />Economic Development Manager Sullivan replied that it would not conflict and would actually <br />fill in the site well. He also noted a recently approved purchase agreement with Centra for that <br />area and advised that if all these projects move forward it would not leave any remnants in that <br />area. <br />Member Stewart asked how many retail businesses they would anticipate. <br />Ms. Wise replied that they have allotted 5,000 square feet for retail, whether that is occupied by <br />one restaurant or two individual retail users. She noted that the retail would be on the corner for <br />easy access when coming into the site for this building or Hilton. She commented that they have <br />also been speaking with Ms. Emily Allegra and they are planning to partner together for <br />community events. <br />Economic Development Manager Sullivan reviewed the proposed sale price noting that it does fall <br />within the deal range for the parcel, as well as other proposed elements of the purchase agreement. <br />He commented that he believes this will fit well in The COR and the building will look sharp for <br />those using the roundabout. <br />Economic Development Authority/ August 10, 2023 <br />Page 2 of 5 <br />