To assist in the redevelopment of two former restaurant locations, council members authorized an economic development and incentive agreement with Crossvines 1031 Partners during the Dec. 5 meeting. The agreement will distribute $120,000 to the developer once a certificate of occupancy is issued and include another $380,000 in sales tax abatements over a 10-year period for a total package worth $500,000, Director of Economic Development Garin Giacomarro said.
The overview
The tax abatements have a maximum value of $380,000 or 10 years, whichever comes first, Giacomarro said. The new property owner seeking to develop the property is J.T. Evans and Company, which is included in the Crossvines 1031 Partners group.
The economic agreement with Crossvines 1031 Partners was atypical for the city because it involved some up-front funding, Giacomarro said. However, he and staff made the commitment as an investment in the future of property along Crossroads Drive by entering into the agreement.
“We think giving them a hand up at the beginning and giving them a reason to go into Crossroads, which has been passed up on in the past, will help bring other restaurants there,” Giacomarro said.
Zooming in
No tenant has been announced, but Giacomarro said the restaurant will utilize neighboring spaces previously occupied by an Outback Steakhouse and TGI Friday’s, respectively. The new restaurant also plans to include an outdoor game space, he added.
“They have a huge focus on being a neighborhood restaurant,” Giacomarro said. “They want all the residents around them to think of it as the neighborhood hangout spot.”
Part of the focus is also on creating other restaurants that have strong brand loyalty, similar to the nearby Pluckers Wing Bar, Giacomarro said.
Quote of note
“We’re trying to pivot that area to something new to bring it back,” Giacomarro said. “Once an area gets a reputation, it’s hard to beat it out.”
Editor’s note: The original post has been edited to correct an error. The sales tax abatements were for $380,000.
