Council rezones 3500 Eagles Ridge Drive to PUD; approves sale of portion to developer

The Beloit City Council approved a rezoning to Planned Unit Development (PUD) for 3500 Eagles Ridge Drive on second reading and later authorized the sale of a portion of the city-owned property to Alexander Company for residential development.

City planning staff said Alexander's PUD master land-use plan proposes seven multifamily buildings totaling 92–94 rental units on an 8.662-acre parcel. At the council's prior meeting the plan and a certified survey map (CSM) had been approved, which reduced an 80-foot landscape buffer to 30 feet as part of project approvals. The second reading on the rezoning moved the zoning designation to PUD so the developer can proceed with the multifamily component.

In closed session the council considered a purchase offer from Alexander Company. The developer received a $3,000,000 TIF allocation for affordable rental units earlier in the year subject to conditions including securing state tax credits by June 1, 2025, and other approvals. Alexander informed the city it had not secured a development partner for the for-sale component and is proposing to buy only the 8.662-acre lot (lot 1 on the CSM) for $10,000 per acre with a closing before April 1; the city will retain the remaining lot and continue marketing it for for-sale residential development. The sale resolution was moved and approved on a voice vote.

Councilors and staff noted Alexander may seek a different partner later and that the developer must meet the funding and land-use conditions tied to the earlier TIF allocation.