Economic Development Project Update: 6th and Front Hotel and Parking GarageMay 30, 2018
One of CCDC’s Key Strategies is Economic Development – Cultivate commerce and grow resilient, diversified, and prosperous local economies.
In the fall of 2016, CCDC issued an RFP for the remnant parcel located on Front Street between 5th and 6th. One application was received from Capitol Partners LP, and the Board approved the proposal in November of 2016. Since then, the developer and CCDC have worked through an agreed upon re-use value. The developer plans to build a 500 space parking garage with a 138-room hotel. CCDC’s remnant parcel plays a critical role in the development. CCDC will be participating in this project in 3 ways: property conveyance, public improvements reimbursement, and parking assistance by purchasing 200 monthly passes for 7 years to re-sell to the public. This project was presented to the Board of Commissioners at the April meeting for feedback and a formal “Designation”.
Following the Board’s Designation, staff is working with legal counsel to finalize all three agreements with the Developer to bring back to the Board for final approval. CCDC will convey the land once financing is secured and building permits obtained. The Developer is planning to break ground in July 2018.
For more information, please visit the 6th & Front Hotel & Parking Garage project page.