A $23.5 million mixed-use development near the new riverfront Guthrie Theater is moving forward, with the City Council's Community Development Committee approving final negotiations of the redevelopment contract.
David Bernard, a division of Rottlund Homes, plans to build a five-story building with 31,000 square feet of first-floor commercial space, 68 to 95 residential units on top and 85 to 102 underground parking spaces. The full Council approved the deal 13-0 April 16, after Skyway News' deadline.
The Council voted Dec. 15 to give Bernard six month's exclusive development rights to negotiate with the city. According to a term sheet released by the city:
Bernard will pay the city $1.37 million for an "L"-shaped piece of Parcel E, northeast of the Chicago and Washington avenues intersection. He must start construction no later than 30 days after closing and finish within 18 months.
The Bernard development will wrap around the Guthrie's parking ramp.
Bernard is paying fair market value for the land, so he does not have to comply with the city's affordable housing, affirmative action, business subsidy/job linkage, or small and underutilized business requirements. He does have to follow the city's prevailing wage and apprenticeship requirements.
The city will make a number of public improvements in the area, including extending Chicago and 9th avenues one block, from Washington to 2nd Avenue South (with sidewalk, lighting and trees).
Bernard's other local projects include Renaissance on the River, at West River Parkway and 4th Avenue North. He is now building the Metropolitan Lofts in the Mill Quarter at 2nd Street and Portland Avenue South.