John Locke Foundation

Phase 1 Development Review







 Phase 1 consists of $90 Million and approximately: 450,000 square feet of development: 

 $40M - 2 hotels; approximately 250 rooms in total
  $40M – residential; 250 market rate apartments 
 $10M - ~65k SF of retail



Initially this was suppose to be done by January 1, 2021 and pay $2,800,000 in taxes, which would cover the first annual debt payment to be paud during the fiscal year ending June of 2022.  

Now the first debt payment of $2,800,000 is to be changed to  the fiscal year ending June of 2023.   


  


$90 million dollars of private development!!!


UPDATE:::


Right now two buildings have been approved:


  1. Left Field 6 story office build with retail on first floor
  2. Seven story apartment building with retail on first floor

What is the total projected value of these two buildings?
How much in taxes will these two buildings pay?
How far short of the $90 million are we??


Comments

David Z. said…
Bill,
The left field building won’t be constructed anytime soon. They announced that they will be capping the site until market conditions improve.
Bill Randell said…
Thanks Dave.. .. Where are they building the office building??
David Z. said…
That was the site of the office building. The other building that’s been approved is a mixed use building on Madison Street opposite the ball park. Apartments with 1st floor retail.
Anonymous said…
Just because a proposed project gets approved at a planning board meeting does not mean that it will ever be built.

Right now all of the ancillary construction around the ballpark is "on hold." Besides, the developer, unless he personally guaranteed something (which he did not) can all away from the entire thing Scott free without being obligated to do anything.