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Committee approves framework for public‑private partnership to redevelop 1881 Pierce Street into affordable housing
Summary
The committee approved a P3 agreement structure and non‑state use to pursue redevelopment of roughly 14.4 acres in Lakewood (1881 Pierce and adjacent parcels) with a baseline target of at least 80 affordable units; the department will continue competitive procurement and return with lease terms and recommended contract for final approval.
The Capital Development Committee approved a plan to pursue a public‑private partnership (P3) for redevelopment of state‑owned parcels at 1881 Pierce Street and adjacent properties in Lakewood into housing, including a baseline target of at least 80 affordable units.
Tom Curek, director of the Public‑Private Partnership Unit, told the committee the site comprises roughly 14.4 acres of underutilized state property. Curek said the state will continue to own the existing building and two smaller parking lots (about 8.54 acres remaining in state ownership after redevelopment) while partnering with a private developer to build multifamily housing on the other parcels. He said the city of Lakewood has agreed to upzone the area to “mix urban general” to enable higher density.
Curek described the procurement sequence: an RFQ is in the market requesting…
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