A new seven-story mixed-use building at the southeast corner of Main Street and Maiden Lane received Redevelopment Commission approval today.
The project will provide commercial and retail space, as well as much-needed downtown public parking. The project includes a parking garage that will offer 383 public parking spaces near the 202 Metro Building, The Bradley Boutique Hotel and The Landing, all of which have been or are being constructed without any substantial parking components.
The development also includes 69,500 square feet of leasable commercial office/retail space. It is being developed by Ashberry Eight, LLC, which is affiliated with the ownership and development of recent downtown development projects, including Ash Skyline Plaza and the 202 Metro Building.
The Redevelopment Commission voted to lease the garage and make payments totaling approximately $15 million over about 20 years. The payments will come from tax increment revenue generated by the project and the 202 Metro Building (the increase in property tax revenues generated by the project and the nearby 202 Metro Building over approximately 20 years). City Council will still need to approve the lease.
As part of the economic development agreement, the developer will also contribute $100,000 to the Public Art Commission. Anticipated cost of the project is more than $43 million. Construction could begin by the end of the year and be complete in approximately two years.