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Developers pitch mixed-use overhaul of 40 Fifth Street; EDIC weighs expanding incentive tools for redevelopment
Summary
Developers sought committee support for expanding the city’s incentive tools to redevelop the 40 Fifth Street Business Center into a mixed-use "Center of Innovation," proposing phased residential construction, underground parking and new commercial amenities.
Developers asked the Economic Development and Investment Committee to consider expanding the city’s redevelopment incentive toolkit to support a proposed mixed-use overhaul of the 40 Fifth Street Business Center that would convert and add residential and commercial space and reposition a large, mostly vacant office-industrial building.
Shannon Roars Jones, identified in the record as representing Roars, described a proposal to remove roughly 20,000–30,000 square feet from the west end of the existing building, build an approximately 800-foot-long residential building in three phases and add roughly 20,000–22,000 square feet of first-floor commercial space adjacent to reconfigured commercial space behind it. "What we're…
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