After 18 revisions, the developer of Park Place said the Town Council should have a draft of his latest concept this week for action on a development agreement at the June meeting.
“It’s been …
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Park Place development looks to move forward
Posted
After 18 revisions, the developer of Park Place said the Town Council should have a draft of his latest concept this week for action on a development agreement at the June meeting.
“It’s been a long, long haul,” said Bart Shea of N-Shea Development. “I think we’re there now.”
Shea updated the Chamber of Commerce’s Public Policy Committee at its April 28 meeting about the $112 million project that will bring retail stores, commercial offices, apartments and condominiums to the south side of the Avenue of the Fountains.
“We’re hoping to bring a lot of new stuff in,” while avoiding chain retail businesses, the developer said. No restaurants have been included in the plan.
“Financing for the entire project is in place right now,” said Shea. No public funds will be used to build the project.
“We could be in the ground as quickly as Aug. 1 to 15,” said Shea.
The first phase would extend on the south side of the Avenue of the Fountains from Town Hall to across from Sofrita’s.
“Mom and Pop” retail stores and commercial offices ranging in size from 1,000 to 5,000 square feet will be built on the ground floor. Above will be 232 “affordable living” apartments from one to three bedroom apartments. About 960 parking spaces for tenants and shoppers will be created.
The target market for the apartments would be full-time “young professionals,” said Shea. Rent for a one-bedroom apartment would be in the range of $850 to $950.
“That’s totally doable,” he said.
When the project is fully built out, Shea said downtown would gain an estimated 630 full-time residents to sustain the commercial/retail businesses.
Retail space would be leased around $13.50 per square foot, about 30 percent under current commercial pricing, said Shea.
The elevation of the buildings has changed from the initial draft. The site drops 85 feet from Town Hall to Saguaro Boulevard.
The developer also said he is committed to “make the south side of the avenue look like the north side” in terms of sidewalks, lighting and landscaping.
A third phase will be an art walkway connecting the Centennial Circle between the library and Community Center to Paul Nordin Parkway and Verde River Drive.
Another of his projects, the adjacent MorningStar assisted living facility behind the Lexington Suites, is expected to open at the end of June to mid-July.
