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Developer outlines Site 17 plan: phased townhomes, hundreds of units and public green space under ground-lease agreement
Summary
Developer representatives previewed a ground lease and option-to-purchase for Site 17 that would function as a phased development agreement: phase one 140 for-sale townhomes (construction to commence by 2027), later phases bringing the total to about 425 residential units plus commercial space and public-access green areas maintained by the private
City officials received an overview on Sept. 4 of the proposed ground-lease and development agreement for Site 17, where developer Cul de Sac is offering a phased residential project with public-access green space.
Jeff McVeigh (presenting with Jimmy Ciracchio) said the ground lease acts as both a development agreement and an option to purchase the property, and that documents were in draft form because negotiations were finalized only recently. "The first…
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