“In the center is my grandparents house they moved into in the 1940s,” Barton said.
The project is located between Marketplace Avenue and North Burleson Street on 27 acres of land, as previously reported by Community Impact. 17 of those acres will be preserved for parks, trails and open spaces.
“It currently, under state law, qualifies as a blighted area, because the city has closed down the road in front of it because of flooding over that road, and there are some abandoned properties around,” Barton said. “We seek to really remake [this area].”
As a result, the Gap Strategies team has conducted studies in the area to ensure flood issues are addressed, Barton said.
The mixed-use aspect of the project means most buildings will be up to five stories high; Barton added restaurants have already signed onto the first floor of some commercial buildings.
Barton’s grandparents' home will be converted into a coffee shop that transitions to a wine bar in the evenings.
A majority of the buildings will be sold off to other developers to build residential units.
To finance part of the project and reinvest taxes into the property, Barton hopes to establish a public improvement district, or PID, and a tax increment reinvestment zone, or TIRZ, overlay.
“For the most part, we as the property owners are on the hook. We are borrowing the money—not the county, not the city,” Barton said. “We are looking for a 50% contribution from the city and the county.”
While the commissioners did not take action, they expressed support for the project, saying it looks to be a great project for the city of Kyle.
At a Kyle City Council meeting Nov. 17, the council directed staff to draft PID, TIRZ and development agreement documents.
The Kyle City Council is expected to discuss “Project Midnight Blue” at its Jan. 17 meeting at 7 p.m.
