- In July, the council was presented with a $150-million hotel and apartment complex with a parking garage to be constructed on Lot 5. The city leaders were told the high-rise apartment building would have 240 to 280 units and the hotel 125 to 150 rooms. The presentation convinced the council to give them a 30-day extension.
The 100-year ground lease is for a smaller project. Inspired Communities must spend at least $55 million on “design, development, and construction of a mixed-use residential structure and upscale hotel with corresponding amenities and parking contained on site.” The residential section will include at least 200 units and the hotel will include at least 125 units. Read Memorandum
- Inspired Communities must initiate applications for building permits by June 2025, with the commencement of construction to begin 45 days after receipt of applicable permits.
- Substantial completion of the project is set for June 2028.
The annual lease fee starts at $30,250 for calendar year 2024 and increases to $184,250 in 2025, and $275,000 in 2026 through June 2031. The annual base lease will then increase by 5% every five years, beginning in 2031.
The city will also receive common area maintenance (CAM) fees, beginning at $30,850 in January 2026, and increasing by 5% every five years, beginning in 2031.
- For extensions on development milestones, considerable non-refundable fees are required, ranging from $7,500 per month up to $200,000 per year, depending upon the extension length requested and the specific milestone being extended.