Information Items:
Memo and Packet Distribution
During the months of July and August, the Council-Manager Memo and information packets will only be prepared and delivered on Wednesday. If information needs to be distributed to the Mayor and Council otherwise, it will be faxed.
Midtown Square Project Update
Staff Resources: Ron Kimble, 704-336-4169 and Tom Flynn, 704-432-1396
The Midtown Square Redevelopment Project has been in a holding pattern for most of 2003 and the early portion of 2004 due to the slowdown in the economy and Home Depot's focus on store remodeling across the country. Last week we met with Home Depot and their developer (Pappas Properties) and their plans are now moving forward.
The first phase of the proposed development would involve the abandoned theater site north of Independence Boulevard, sitting on approximately 7 acres. The plan would call for a double stacked Home Depot Expo Design facility with a second story Target store above, and 800+ parking spaces in an adjacent parking deck. This phase will require City and County participation in the parking deck, in addition to the City's commitment of the already budgeted $6.9M in road, bridge, and intersection improvements, and the County's $7.5M acquisition of greenway land.
The second phase south of Independence extending beyond Baxter Street calls for an additional 160,000 sq. ft. of retail/restaurant, 75,000 sq. ft. of office and 90+ residential condominiums.
The acreage south of Independence is approximately 10 acres. This phase would request City and County participation in a second parking deck, as well as City participation in relocation of the existing Baxter Street bridge over the greenway. It is anticipated that Federal bridge replacement funds up to 80% of the cost could be available for such bridge relocation.
Issues that still must be addressed prior to presenting this to City Council in the next few weeks are the following:
- Complete closure of the financing gap for both phases of the project
- Urban design standards that must be met by the project
- Documenting of the infrastructure costs identified in the project
- Rezoning schedule necessary for moving the project ahead
- Assurances that Home Depot and Target are committed to phase one plan
- Sustainability Index analysis of this project
City staff will bring this project forward for presentation to the City Council as soon as these details have been resolved. This project is a crucial one for Charlotte in that it achieves some important goals for our City. Among them are:
- Elimination of vacant big boxes adjacent to/on the fringe of the Center City
- Creation of a destination Home Depot Expo Design Center with a 300-mile radius market reach generating new sales tax revenues for the City and County
- Introduction of an inner City big box retail store in an urban friendly design format, serving the needs of inner ring neighborhoods
- Retail center that is easily accessed by Convention Center visitors
- A mixed use development oriented to both the greenway and the various town center streets created by the project
