City Council will vote next week on an ordinance that will set in motion the creation of a new public street through what today is Lot B as part of the 208-unit Main & Monroe development.

The governing body introduced O-37-15 at its Nov. 9 meeting. The measure will come up for a public hearing and final adoption at the council’s regular meeting on Monday.

The ordinance essentially authorizes the acquisition of a roadway dedication and finalizes the specifics of the new street. The Planning Board in March approved a preliminary and final site plan and subdivision for Block 318, Lots 1-10 and 23. The Main & Monroe project plans two five-story buildings along Main Street — a north building at Poplar and Main streets and a south building further down Main Street.

There will be 13 new metered spaces along the new Monroe Street extension and about 14 along Main Street where there are now about seven, in addition to two more spaces on Poplar Street. The existing Lot B and on-street parking totals about 63 parking spaces; 55 spaces in a newly-created lot would be owned and operated by the Parking Authority, along with about seven on-street spaces. Main & Monroe would have ground-floor parking of about 198 spaces, plus ground-floor retail.

As part of the project, Monroe Street will extend from Main Street, through what today is Lot B, to East Cherry Street. The changes to Lot B involve some property swaps between the developer, Slokker Real Estate Group/Dornoch and the Parking Authority, and to some extent affect The Gramercy , which was approved by the Planning Board last month. The five-story, 45-unit project is planned for East Cherry Street, due north of what will become the Monroe Street extension, and include a 70×60 pocket park behind the building.