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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 phase will be 140 for-sale townhome units. That would be, I believe, construction must commence by 2027," McVeigh said, laying out the project phasing: phase two roughly 225 residential units and a phase-three total of 425 residential units overall. He added the project contemplates 25,000–50,000 square feet of commercial space and a similar amount of residential amenity space.
McVeigh told council the project will include substantial green space and that the developer is offering public-access agreements so residents and the public can use open areas; he said maintenance of that open space would be the developer’s responsibility. "That will be Cul de Sac's responsibility to maintain," he said when asked who would incur upkeep costs.
Councilmember Adams asked whether the city had given up substantive terms during late-stage negotiations; McVeigh described final negotiations as mostly "dotting I's and crossing T's" and said the material business terms remained consistent with what was previously presented to council. Council members expressed general interest and indicated they expected to consider the finalized agreements at the upcoming council meeting.
No final action was taken at the study session; McVeigh said full documents would be ready for council consideration on Monday and that the council will have an opportunity to vote on Site 17’s future at that meeting.
