Development Teams Invited to Submit Final Redevelopment Plans for Former Eastland Mall Site
Friday, March 8, 2013
FOR IMMEDIATE RELEASE
Contact: Jamie Banks
(Charlotte)-- On January 4, 2013, Neighborhood & Business Services released a Request for Qualifications (RFQ) for the redevelopment of the former Eastland Mall site. Three invitations to submit full proposals (attached) were extended to:
The intent of the RFQ was to develop a short list of interested and qualified development teams to be invited to submit full proposals. Seven RFQ responses were received on February 15th and were evaluated by a team of City staff and commercial real estate professionals.
Full proposals from the three invited teams will be due to the City on May 30. The review team will evaluate the three proposals and make a recommendation to Council by July 12th with which team, if any, the City should enter into negotiations with for sale and redevelopment of the site.
The City envisions a final project that provides new economic opportunities for residents of the City and region. The City wishes the following objectives to be achieved through redevelopment:
- Implement a catalytic redevelopment that is seamlessly integrated with surrounding neighborhoods and commercial corridors
- Develop a financially viable, phased project using private-sector funding sources
- Expand the State and local property, sales and income tax base
- Provide new employment opportunities
- Provide open space and community amenities
- Provide support for new and emerging market-driven economic clusters in the region
Proposals will be evaluated on compatibility of the development concept with the City’s vision and goals for the Eastland area, the feasibility of the financing strategy for the development, and capacity of the teams to execute the proposed development in a timely manner.
If no proposal yields a viable option for City Council, staff will propose an interim strategy until the real estate markets improve.