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:
- Left Field 6 story office build with retail on first floor
- 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 much in taxes will these two buildings pay?
How far short of the $90 million are we??
Comments
The left field building won’t be constructed anytime soon. They announced that they will be capping the site until market conditions improve.
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.