Barnett/Laura Trio Redevelopment to be announced

thelakelander · June 21, 2011, 01:22:49 PM

Cool. Hopefully, this goes through. Adding life to this dead block in the heart of the Northbank will greatly enhance the vibrancy of the area.

PeeJayEss · June 21, 2011, 01:23:57 PM

Let's hope it happens.

brainstormer · June 21, 2011, 01:37:01 PM

Having a chain like Panera would really help anchor Laura Street as a viable retail destination. If it is successful, other businesses would start to take a second look at downtown. Fingers are crossed.

Tacachale · June 21, 2011, 02:07:16 PM

Well, I hope it goes through. If I'm reading this correctly, the tax credits the developer is seeking are based on him actually pulling the project off successfully. If that's all that's the case, let's get this going and see what he can do.

Non-RedNeck Westsider · June 21, 2011, 02:13:01 PM

Agreed.

Do we have the front end investments we've made as a city that haven't produced anything to realize that this is a good idea. Tell him to build it. Let him bring Panera to DT. Hell, tell him he can have $8M and a 10 year freeze on property tax increases.

(How long has Sleiman been waiting for his parking garage?)

duvaldude08 · June 21, 2011, 02:21:16 PM

Yayy!!!!! Priase Jehovah. I do not see a problem with this at all. They wont receive the money until the work is done. That sounds good to me. In the past, we would have given developers incentives before they even start the work. Would that 5 million be coming from the historic preservation fund?

Tacachale · June 21, 2011, 02:28:50 PM

Quote from: duvaldude08 on June 21, 2011, 02:21:16 PM
Yayy!!!!! Priase Jehovah. I do not see a problem with this at all. They wont receive the money until the work is done. That sounds good to me. In the past, we would have given developers incentives before they even start the work. Would that 5 million be coming from the historic preservation fund?

It's hard to tell from that article, but I think it's a combination of funds from historic preservation as well as market tax credits.

duvaldude08 · June 21, 2011, 02:40:22 PM

I just remembered in previous articles they were asking for a certain amount from the historic preservation fund. We agreed, but stated they had to secure financing first. I dont see having a problem of this going through.

thelakelander · June 21, 2011, 02:40:40 PM

I don't think there is $5 million in the historic fund. I'm sure it would come through a variety of available sources.

CG7 · June 21, 2011, 03:14:05 PM

I don't care if they find the money in a cookie jar buried in Peyton's backyard. I just hope something happens this time.

duvaldude08 · June 21, 2011, 03:35:29 PM

Im glad to see the city put their foot down and stopped shelling out all that money. The Trio developers did wha they city asked: They secured their own financing. The city is already on the hook for the Carling and 11E Forsyth. We dont need anything additional.

bornnative · June 21, 2011, 03:36:27 PM

There is apparently between $1.5-3.5 million in the historic trust, depending who you ask. The transition team will find out for sure on Thursday. The $5 million that Atkins is requesting is to come from the historic trust. His tax credits are a separate number. The plan looks good, although pretty similar in form, style, and progression to a couple of past efforts that have died on the vine shortly after this point in the process.

Another challenge for the funding is that Bill Cesery wants a chunk of the same historic trust money for his project at the Burns Library. There's definitely not enough in the fund to meet both requests, and maybe not enough to meet either.

thelakelander · June 21, 2011, 03:42:35 PM

The guys doing the Ambassador Hotel restoration want some of it too.

duvaldude08 · June 21, 2011, 03:43:10 PM

Quote from: bornnative on June 21, 2011, 03:36:27 PM
There is apparently between $1.5-3.5 million in the historic trust, depending who you ask. The transition team will find out for sure on Thursday. The $5 million that Atkins is requesting is to come from the historic trust. His tax credits are a separate number. The plan looks good, although pretty similar in form, style, and progression to a couple of past efforts that have died on the vine shortly after this point in the process.

Another challenge for the funding is that Bill Cesery wants a chunk of the same historic trust money for his project at the Burns Library. There's definitely not enough in the fund to meet both requests, and maybe not enough to meet either.

Well the last Laura Street Trio project that was proposed, the developer was asking for 12 million and we "Hell No!" LOL So I think the 5 million is doable. Im sure things will work out.

duvaldude08 · June 21, 2011, 03:44:40 PM

Quote from: thelakelander on June 21, 2011, 03:42:35 PM
The guys doing the Ambassador Hotel restoration want some of it too.

It sounds like to me its going to be a rat race of who can get to the funds first. And It seems the Trio is well on its way. The Haydon Burns Project is creeping along as well. IMO the Ambassdor porject is dead. (for now) Im sure Stephen can shed some light on this as he is on the transition team.