Clayton-based developer Mark S. Mehlman Realty's plans in the approximately $128 million redevelopment project include 110,00 square feet of retail space, 110,000 square feet of office space, a 150-room boutique hotel, a movie theater and a 663-space parking garage, according to the project's Web site.
Mark Mehlman, principal of Mark S. Mehlman Realty, presented plans to Clayton officials in December 2006 for a mixed-use development as a second phase to the developer's $72 million Crescent mixed-use project at 155 Carondelet Plaza. The more than 2 acre proposed Carondelet Village site is south of Forsyth and east of The Crescent. All of the structures in the redevelopment area are 35 years of age or older, and the site includes some undeveloped space.
The city's TIF Commission, appointed in September to review the developer's request for a public-private partnership, adopted a resolution at a public hearing Dec. 3 recommending that the board approve the redevelopment plan and associated TIF.
The project must undergo the Clayton Plan Commission's site plan review process, and a redevelopment agreement must be struck setting the project's parameters, including timeline and financing.
The redevelopment is targeted for completion by 2010. About $104 million will be privately financed, according to TIF Commission documents. National City Bank has expressed an interest in financing Carondelet Village, the documents indicate.
The board approved $21.1 million in TIF and $2.9 million in costs covered by Transportation Development District or Community Improvement District revenue.
"Using economic incentives is new to Clayton, but it has become a necessity in the race to maintain economic viability," Clayton Mayor Linda Goldstein said in statement Wednesday. "The incentives not only encourage development, they level the playing field in the competition."
The Carondelet Village development "adds the critical mass" necessary to re-establish Clayton as a shopping destination, city officials said.
The redevelopment's construction phase is expected to create 421 full-time equivalent jobs, with about 505 full-time equivalent jobs located in the finished project.
Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.
source: bizjournals.com
No comments:
Post a Comment