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Developer says larger 316 Main Street plan would attract supermarket; seeks $1M DRI
Summary
Developers told the LPC the revised 316 Main Street proposal increases unit count and commercial footprint to attract a supermarket; they said DRI funding would help subsidize tenant incentives and make the site feasible for a grocer.
A development team proposing a new mixed-use building at 316 Main Street asked the Local Planning Committee for $1,000,000 in DRI support and described the revised plan as a larger, six-story building intended in part to attract a supermarket tenant.
The applicant said the project was originally approved for about 80 units under a different developer and that the new ownership increased the scale—rising to roughly 120 units and expanding the commercial footprint—to create the residential density and foot traffic that supermarkets and national chains seek. The sponsor said they have pursued brokers and supermarket representatives and have discussed incentives such as free rent and tenant build-out if sufficient funding is available.
“We thought with the increased commercial footprint, we could . . . attract a supermarket,” the applicant said. He added that one national chain had shown interest and that the project team believes DRI funds could be used to underwrite incentives that would make a full-service supermarket feasible on Main Street.
The project sponsor said the team received a $5,000,000 Momentum grant that materially affected feasibility and that they have planning approvals and construction documents near completion; the main remaining constraint is assembling the capital stack and securing tenant commitments. He told the LPC there are no outstanding liens or litigation that would block construction.
When asked about readiness and capacity, the sponsor said his firm can handle multiple projects—estimating a practical capacity of five or six simultaneous projects—and that the project’s primary barrier is financing the commercial incentive necessary to attract an anchor tenant.
No vote took place. The committee asked the applicant to provide updated financing details and confirmed the project will participate in the public workshop and follow-up review.
