Agenda - Council - 10/10/2023 - Laserfiche WebLink

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