Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate Development topic
No spam. Unsubscribe anytime.
Council staff: Lancaster Corridor site to include Frost Bank and Wingfield's Breakfast & Burger under revised subsidy
Summary
City staff said a 1.5-acre city-owned parcel on the Lancaster Corridor will be developed by UCR as two build-to-suit buildings for Frost Bank and local restaurant Wingfield’s Breakfast & Burger; the city intends to increase its contribution and convert prior TIF support to a Chapter 380-style economic development grant.
City staff told the committee that a long-stalled redevelopment effort on the Lancaster Corridor will move forward with two build-to-suit buildings for Frost Bank and the locally owned Wingfield’s Breakfast & Burger.
Kevin Spath of the Office of Economic Development said the site is 1.5 acres of city‑owned land and that the city selected UCR as developer in late 2022 after an RFP. The project originally envisioned multiple speculative buildings; in the last 18 months the developer secured two local anchors and restructured the project down to two buildings, each built to tenant specifications.
Spath said the council previously approved a subsidy last year. The revised structure replaces an earlier plan that relied on a TIF allocation with a payment structure using bond funds and a Chapter 380 economic development grant at the request of the District 4 council member. Spath said the change helps the developer line up equity and debt because “the city’s cash is already in hand” and available for dispersal once the project is complete.
Committee members sought details about the change. Spath said the developer reduced the project scope and therefore its required equity investment; tenant finish-out will be the responsibility of the occupants, though Wingfield’s is pursuing small-business assistance through the city’s small-business program to help with fixtures and equipment. Spath said the developer’s reduced hard construction scope lowered required private investment while the city’s incremental contribution increased to ensure project feasibility.
Council members praised the project as a locally meaningful redevelopment for District 4 and the Lancaster Corridor and asked staff to clarify funding and timing as design and leasing progress.
Ending: Staff said restructuring moves the project from speculative development to leased, build-to-suit buildings backed by tenant commitments, which staff described as a more secure investable project; staff will return with final subsidy documents and disbursement conditions when available.
