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EDA approves sale to Northshore Development for Bridge Street parcel
Summary
At its Feb. 19 meeting the Economic Development Authority approved a purchase agreement selling roughly a 5-acre downtown parcel at Ramer and 3731 Bridge Street to Northshore Development for $5,000. The developer proposed a 120‑unit apartment project; the EDA attached a two‑year substantial‑completion performance requirement and adopted Resolution 2025‑1 to grant signatory authority.
The Economic Development Authority (EDA) on Feb. 19 approved a purchase agreement with Northshore Development to sell the downtown parcels identified as Ramer and 3731 Bridge Street, staff said. The EDA also adopted Resolution 2025‑1 granting signature authority to complete the sale.
Staff described the agreement as the product of roughly 18 months of work with Northshore, including a letter of intent, site testing and concept drawings. "The purchase agreement itself has a sales price of $5,000 covering many of our legal costs," staff said during the public hearing. Title work remains in progress because the property lies within an auditor's plat, and the packet includes a quitclaim deed and an EDA performance contract.
Developer Matt Alexander told commissioners the planned project would total about 120 apartment units. "The answer question is 120," he said, adding that the project could be phased if market conditions require (an initial phase of about 60 units plus clubhouse and amenities is possible). He described similar projects by the same architect and said the team will work with city staff on site planning and then seek Planning Commission and City Council approvals.
Staff noted that some seller site work is tied to a city road project to the north and recent council-approved tree work intended to address endangered‑species and environmental requirements; the record shows the city expects road improvements to proceed before selling off downtown parcels. A commissioner asked whether the city's wastewater plant could handle the new units; staff (Paul) responded that the plant has sufficient capacity to serve the development.
The public hearing opened at 5:37 p.m. and was closed before the EDA voted to accept the purchase agreement and adopt Resolution 2025‑1; the motion carried. The transcript records an in‑room opposed comment during a vocal roll call, but it does not supply a precise numerical vote tally.
Next steps outlined in the meeting included completion of title work, coordination with city planning staff (referred to as Cate) on site plans, and subsequent review and approvals by the Planning Commission and City Council. Staff also said the project would move toward a Tax Increment Financing (TIF) application and that Ellers, the city's financial advisor, would perform underwriting for any TIF request.
The EDA attached a performance requirement to the sale to ensure redevelopment moves forward: the purchase agreement and performance contract call for substantial completion within a two‑year window, reflecting the EDA's standard practice for larger multifamily projects. The developer estimated total project cost at roughly $25–27 million.
