Q&A
Development timeline and phasing for Parkchester garage site
2:41:38
·
3 min
Council Member Amanda Farías inquires about the timeline and phasing of the Parkchester garage site development. The representative explains the plan to develop in two phases, starting with the 1990 location while keeping the current garage operational, followed by the development of the 2040 site.
- Phase 1 includes a 100% affordable building with parking and retail
- Current parking garage remains open during Phase 1 construction
- Phase 2 will begin after completion of new parking in Phase 1
Amanda Farías
2:41:38
Thank you.
2:41:40
If the rezoning is approved as your team have an estimate timeline of development and Can you just go over again for the record, their timeline of leaving 1 garage open to move it to the other building.
UNKNOWN
2:41:53
So our intent would be that we have we have 2 we have 2 development parcels.
2:41:58
1 is currently occupied by office building and a vacant garage that hasn't been utilized in 20 plus years because of its structural integrity.
Amanda Farías
2:42:07
Mhmm.
UNKNOWN
2:42:08
Our intent would be and we've already started the process to create relocation spaces for the existing office uses that are in the in the garage, and we would intend to do that.
2:42:19
And re make those relocations over the next, you know, 18 months.
2:42:24
Our intent would then be to tear down the 19 90 location and construct our new building on that, which would include parking and housing and retail.
2:42:36
We would do that prior to decommissioning the 2040 site.
2:42:40
So the new replacement parking for the 20 40 location would be created in the new building, which would then free up the ability to tear down that parking garage and build more parking and housing on that on that site.
2:42:52
We've had conversations with HPD because we intend to do the 1st phase of this as a 100% affordable building.
2:42:59
Mhmm.
2:43:01
We have put together a base model on that development.
2:43:04
It is our understanding that HPD is gonna be coming out with new term sheets.
2:43:09
Any day now.
2:43:11
We will update our models based on the updated term sheets and then reengage with a HPD for that component of it.
2:43:19
We would appreciate any assistance we could get to engage some of the other stakeholders that were here today on how we might finance the garage portion of of the development, and we are long term operators of retail in Parkchester and throughout the country.
2:43:35
And will work very hard to bring the appropriate retail to the community that could be supported at this site.
Amanda Farías
2:43:43
Thank you.
2:43:43
And just just TO GO OVER THAT AGAIN.
2:43:45
I THINK THERE HAS BEEN SOME CONFUSION THAT I THINK WE'VE ALL BEEN TRYING TO PUSH BACK ON IN THE COMMUNITY WITH THE GARAGE ITSELF.
2:43:52
SO Just for layman's terms and to re clarify, the 1st phase of development would be in the 100% affordable building that will then have what hopefully is, what is the already used spots and hopefully additional spots and commercial space.
2:44:11
While that development is happening, the parking lot that is currently there is still going to be open for utilization.
2:44:18
Right.
2:44:20
And then once that phase is done, that's when that the
UNKNOWN
2:44:26
We would move forward.
Amanda Farías
2:44:27
The primary parking garage will know will then close because we will have all the spots that were already utilized and hopefully and then some.
2:44:36
And then that garage will be turned into hopefully development.
2:44:41
Correct?
UNKNOWN
2:44:41
Correct.
Amanda Farías
2:44:41
Okay.