Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Development topic
No spam. Unsubscribe anytime.
EDC: Parkview site work underway; multifamily portion valued at roughly $40–45M
Summary
Staff reported Parkview site work has started and civil work will begin next week. David Funk described the project as a mixed‑use, class B+ multifamily development (roughly 400 residents) with initial rents around $1.95/sq ft and estimated multifamily valuation of $40–45 million.
Staff reported that site work at Parkview has begun, temporary power has been installed and civil work is scheduled to start next week. Executive Director David Funk described the initial phase as the multifamily residential component of a mixed‑use project and estimated the residential portion at roughly $40–45 million.
Funk said the multifamily product is class B+ and includes amenities such as pickleball courts and electric‑vehicle charging stations, and he estimated the first buildings’ initial rent at approximately $1.95 per square foot. He added that the overall Parkview project could reach $60–65 million and that rising job announcements — including a new shipyard expected to add roughly 1,800 jobs in the region — are improving market timing for the development.
Board members asked about expected valuation and tax revenue; Funk said multifamily valuation is in the $40–45 million range and projected the project would improve local ad valorem receipts and reduce retail leakage once the retail portion is occupied.
