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RDA approves phased redevelopment deal with 360 Real Estate Solutions for downtown parcels
Summary
The RDA approved a phased development agreement with 360 Real Estate Solutions for a multi‑phase downtown redevelopment totaling 168 units across three phases, including an 80‑unit rental first phase and requests for a TIF incentive; members discussed contamination remediation costs and phased financing to improve project feasibility.
The Redevelopment Authority approved a multi‑phase development agreement with 360 Real Estate Solutions to redevelop multiple downtown parcels into a combination of rental apartments, market‑rate units and townhomes.
Staff described three phases: phase one would include an approximately 80‑unit rental building (estimated property value about $8 million) to be completed no later than December 2028; phase two would add a 60‑unit market‑rate building with about 4,500 square feet of ground‑floor commercial space (completion by December 2029, estimated $7 million value); phase three would include two buildings with 28 townhomes (completion by December 2031, estimated $3.5 million value). The full development was estimated in the presentation at roughly 168 units and $18.5 million assessed value across phases.
Jeremy, representing 360 Real Estate Solutions, discussed market demand for studio and one‑bedroom units and described remediation challenges on the parcel, including petroleum contamination and possible costs for full excavation and underground parking. He estimated environmental remediation could range from $2.5 million to $3 million if full excavation is required to support underground parking. Staff noted the developer requested TIF support (an 85% capture not to exceed a $6.3 million cap) and proposed a purchase price equal to the city’s prior acquisition amount (~$1.2 million). Board members asked about triggers for phasing, protections (options to repurchase), and incentives; staff said the phasing and timelines were designed to help finance upfront environmental costs and to provide city protections in the agreement.
The RDA moved and approved the development agreement by voice vote. Members praised the phased approach and noted continued work on remediation plans, financing and requests for incentives remain part of implementation.
