A land swap originally conceived almost 15 years ago for a downtown development is poised to be finalized by City Council next month.
The governing body introduced legislation during its regular meeting on Feb. 11 that would convey a parcel on Main Street to the developer in exchange for $55,000, to allow for more units as well as more parking in the second phase of Main & Monroe. A public hearing and final adopt is expected at the March 9 regular meeting (UPDATED: The measure was approved unanimously). The second amendment to the redevelopment agreement, included as an exhibit in the ordinance, can be found here.
The first phase of Main & Monroe, The Mint on Monroe Street, was completed late last year, with the 116-unit complex opening in January. The second phase, at the corner of Poplar Street, is expected to begin construction. Under the amendment, the second building would allow for 108 units compared to the originally planned 92.
The first ordinance (O-05-20) would amend the financial agreement (Attachment A of the ordinance) with the redeveloper. The second ordinance (O-06-20) would convey the lot for $55,000 to Dornoch Rahway II Urban Renewal, LLC, a partnership between Fields Development Group and Slokker Real Estate Group.
The Redevelopment Agency approved a redevelopment agreement in 2014 with Dornoch Rahway II Urban Renewal, LLC. The 2014 redevelopment agreement was amended in 2018 to incorporate Lot 2. A second amendment to the redevelopment agreement is expected once City Council approves the ordinances.
In 2006, the Parking Authority and then-Dornoch Rahway, LP, entered into a purchase-and-sale agreement for Block 318, Lot 23, the largest portion of what was then Lot B. That deal has been superseded by a 2014 agreement to sell the lot. Since the Parking Authority was dissolved at the end of 2018, the city took over any rights and obligations through the newly created Parking Utility.
As part of the agreement, Dornoch would construct 11 public parking spaces on property owned by the Parking Authority (Block 318.01, Lot 2) in exchange for the city conveying the parcel for $55,000. During the redevelopment process, the original Block 318, Lots 1-10, 13 and 23 that qualified for redevelopment have become Block 318.01, Lots 1.01, 2, 3 and 4.
The developer would dedicate the Monroe Street extension to the city and relinquish rights to the 11 on-street spaces while using the lot to expand Phase II construction, to include an additional 16 units and parking spaces. The second phase, or north building, would then have 108 units, to go with the 116 at The Mint, for a total of 224 units.
