AMAC Holdings will build the development on property it purchased from the city. The property is located at the southeast corner of Main and Mill streets and the northwest corner of Mill and Elm streets.
According to the economic development agreement, the development will consist of 201 luxury-style residential units and 6,500 square feet of retail and restaurant space as well as structured parking.
“We’ve had a lot of public investment in the Old Town, from City Hall to the arts center and streetscaping, and now you’re starting to see major private sector investment,” City Manager Donna Barron said in a Nov. 4 City Council work session. “This is probably the most impactful project that we’ve had in the Old Town. It’s a very exciting project that I think will bring a number of people to live in the heart of it.”
The agreement states that the city will be responsible for providing the developer with a grant up to $430,000 for structured parking. It also states that the city will waive all development fees for the project, which would have cost an estimated $758,900.
In the agreement, the city also agreed to provide an impact fee grant equal to water and sanitary sewer impact fees, estimated at $175,000. The city will also provide the project with off-site public infrastructure improvements, estimated to cost between $100,000-$155,000, according to the agreement.
Economic Development Director Jason Moore stated in a staff memo that this project aligns with the city’s Old Town Master Plan, which aims to transform Old Town into a “dynamic environment for living, dining and entertainment.” The plan states that a major focus should be put on bringing vertical, mixed-use developments to the area.
“The ... economic development agreement aims to facilitate one of the most catalytic public/private projects in the city’s downtown core that will deliver more than $35 million in private funds, structured parking, over 200 luxury apartment units, and 6,500 square feet of retail/restaurant space to one of the most traversed intersections in Old Town,” Moore stated in the memo.
Mayor Pro Tem Bob Troyer said in the Nov. 4 City Council work session that the economic development agreement is one of the most exciting agenda items he has ever seen during his time on council.
“It’s an extremely exciting time to be here,” Troyer said.