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Developer: assessed value climbed to about $60 million; commercial prospects and college tract noted
Summary
Dr. Orlando Ortiz told the board the project’s assessed value rose from roughly $11 million in 2023 to about $60 million today; he said Killam has spent about $17 million and expects hard costs to exceed $20 million. He also noted a donated college tract and commercial prospects including a Clear Choice purchase.
Ortiz told the board that the development’s base value when work began in 2023 was a little over $10 million and that assessed or project value is now close to $60 million. “Since we started in 2023 with the original, base value of a little over $10,000,000, almost $11,000,000, the value today is close to $60,000,000,” Ortiz said.
He said Killam has put roughly $17 million into the project so far and that with the phase now starting construction the hard‑cost total will approach a little over $20 million. Ortiz also described commercial activity: Clear Choice purchased one commercial tract, the college was donated roughly 1.9–2 acres some months earlier, and the developer is in preliminary talks with several 10k–20k sq ft users and a potential six‑acre rental townhome prospect.
Board members asked for more detail on the commercial timeline and tax‑base implications; Ortiz said values tied to a prospective hospital parcel could be over $100 million but that those figures are prospects rather than finalized sales.
