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RDA approves 5th extension for Raiki's Lot 9; Raiki says Lot 11 bidding underway
Summary
Raiki Properties told the RDA contract drawings for Lot 11 are in hand and bidding is underway with a target lease‑up in spring 2028; the board approved a 5th extension to Raiki's Lot 9 planning option through July 26, 2027 to allow sequencing after Lot 11.
Raiki Properties updated the Redevelopment Authority on Lot 11 and the RDA approved an extension to keep Lot 9 in the developer’s option while the waterfront work proceeds.
"We just got the latest drawings, about a week ago... We are in the bidding process," said Jason (Raiki Properties), who added that GeoPiers installation and mobilization depend on frost and schedule, and that the team aims to have the project completed and ready for lease‑up in spring 2028 if all goes well.
On a separate agenda item, staff introduced a draft for a fifth extension to the planning option agreement for Lot 9 (Gateway Commons). Jason (city/Raiki liaison) described the extension as necessary because Raiki prioritized developing the waterfront Lot 11 first; the extension would carry the option through July 26, 2027. Julie moved to approve the extension and Ed seconded; the RDA voted and the motion carried.
The extension keeps Lot 9 under option while Raiki completes Lot 11 and preserves sequencing the developers requested.
