City Council approves $80M Home Flats housing development brownfield plan

The Wyoming City Council made significant strides in urban development during its March 3, 2025 meeting, approving a crucial brownfield plan for the Home Flats project. This phase 3 initiative, located at 28 West Place, is set to transform the area with an investment of approximately $80 million, resulting in 225 new housing units across four buildings.

The council's approval includes a reimbursement agreement for about $3.2 million to cover eligible costs such as asbestos abatement and site preparation. Notably, the project will feature a parking structure with a green roof, aligning with modern sustainability practices. The financial structure of the plan allows the city to capture 50% of the payment in lieu of taxes (PILOT) and municipal services agreement revenues, which is expected to yield around $1.3 million over the plan's lifespan.

Council members engaged in a detailed discussion about the differences in tax capture compared to previous phases of the project. Unlike the earlier phases, which did not involve tax capture, this phase leverages recent changes in brownfield statutes that permit tax capture for housing developments. This strategic move is anticipated to enhance the city's revenue while supporting essential urban infrastructure.

The council's unanimous support, with one dissenting vote, underscores a collective commitment to fostering growth and revitalization in Wyoming. As the Home Flats project progresses, it promises to not only provide much-needed housing but also contribute to the city's economic vitality.