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City outlines Project 3500 plan and proposes TIF funding and $18M property purchase
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Summary
City staff presented Project 3500, a design‑led affordable‑housing initiative focused on the peninsula that would use procurement to reduce entitlement risk; an initial funding plan proposed roughly $5,000,000 from the Cooper River Bridge TIF plus an $18,000,000 purchase of a Longshoreman property.
City staff presented Project 3500 at the April 23 council meeting as an initiative to accelerate affordable housing delivery on the peninsula and across the city by having the city lead early design work and reduce entitlement risk for private-sector partners.
Staff said the initiative would put the city in the role of procuring design teams (architecture, civil, MEP, structural) through RFQs, with subsequent contracts and any construction funding returning to council for approval. To start the design phase, the presentation estimated a budget of about $5,000,000 to be funded from the Cooper River Bridge TIF, along with a proposed $18,000,000 purchase of a Longshoreman property; combined, staff said this could bring the initial package toward the mid‑$20 million range for initial phases, with other central properties to be funded later in the sequence.
Council members asked about procurement and the makeup of review committees; staff replied there would likely be three procurement review committees, district representation on review panels for proposals, and that the contracts would go through community development and Ways and Means committees as the project advances. No council vote was taken; staff said they would return with RFQs and contract recommendations for council approval when ready.
