As conversations continue about the city’s expected growth, here are updates on various economic development projects around town.
Paschal’s Landing
The affordable housing project at 10th and Peach will receive big news this week.
GW Weld, in partnership with Dustin Baker of Alcove Development, has been working on a new apartment complex near the elementary school. It is planned for the complex to be a mix of market-value units and income-restricted affordable options.
The first phase of the project would be 36 income-restricted units and 40 market-rate units. The plan is for another 40 units to come later in Phase 2.
Whether Weld and Baker’s application for federal low-income housing tax credits will be approved should be announced Friday.
If approved, Weld said they would move forward with getting final building costs and layouts, then going back to the City Commission to get the site plan approved. Construction would then start next year.
However, if they do not receive the tax credits, they will have to come up with an alternative plan.
Both residents and officials have discussed the need for affordable housing, especially for seniors on fixed incomes.
The rent for the affordable housing units would be $500 and $950 monthly and market rate would be between $1,100 and $1,650.
Following the public hearing in April, the city approved a resolution of intent to issue industrial revenue bonds in the amount not to exceed $27 million to finance the acquisition, construction and equipping of the apartment complex, which is known as Paschal’s Landing.
Old Methodist Church
Weld is also still weighing options of how to make the renovations happen at the old Methodist Church at 703 Church St. Weld found out the fire damage to the building was worse than expected, making it more difficult to figure out next steps.
Weld has discussed with the City Commission turning the property into an event space and knows the building is important to the community. Weld said it’s a challenging project especially with the state of the economy and interest rates.
Entertainment district south of K-10
The city has discussed creating a development south of K-10 anchored with youth sports and other family entertainment opportunities.
The city is working with Vieste on the project as it extended its contract with them through October. Vieste will provide a presentation with timelines and a plan for the project before the end of the year, Assistant City Manager Zack Daniel said.
There will be versions that include both the use of STAR bonds or other financing mechanisms depending on the layout, size and interest from commercial business, he said. This process will make sure the city is not leaving any options off the table, Daniel said.
“We’ll have a much clearer direction on here are the impacts of a STAR bond district versus the impacts of some of the other financial mechanisms” he said.
Daniel said from conversations with the state, they are still supportive of the project as it was originally conceptualized. The scope of the project could change, but the city is still undergoing analysis on the original entertainment concept, he said.
Village Green
It is expected that the farmers market at Village Green will begin sometime in September, Daniel said. Daniel said the city said it understands it may seem late in the season, but the initial markets will help get the city back into the game so it can expand next year.
This week, the city will decide more details on the number of vendors, food trucks, layout and registration information, he said.
Pilla Building
Attempts to reach the Wights, the owners of the building at 701 Main, were unanswered. The building is receiving renovations due to a Community Development Block Grant. The plan was to use the building as a recording studio.
Have questions about economic development projects around town? Reach reporter Sara Maloney at [email protected].
