City Council Continues Discussion of Due Diligence Process
The East Lansing City Council recently discussed the City Center II due diligence process (update 5/22/12) and confidentiality parameters at its Tuesday, May 22, 2012 work session. City staff will continue to proceed working with the various consultants as outlined in the May 22, 2012 due diligence checklist. The scope and confidentiality parameters will continue to be refined as the process moves forward and more data is made available.
Recent Updates
City Council discussed the City Center II financial structure, related documents and a DRAFT pre-development agreement at two special meetings on March 20, 2012 and March 27, 2012. City Council approved the finalized Pre-Development Agreement, with revisions, at its Tuesday, April 3 meeting. The agreement provides the City of East Lansing with a due-diligence period, during which the financial structure and related agreements for the proposed project will be reviewed. Per the agreement, the due-diligence period will be completed by no later than Tuesday, June 26 and a final decision will be made by Council no later than Tuesday, July 31. Following the due diligence, Council will decide to either move forward with a development agreement or let the agreement lapse and be free to pursue other development on the publicly owned portions of the site.
In order to activate the site plan by April 6, the Downtown Development Authority (DDA) has approved the demolition of 303 Abbot Road to commence immediately. This demolition was contingent on City Council's approval of the pre-development agreement.
About the Proposed Project
The $105 million dollar project proposed by Strathmore Development Company is located at the corner of Grand River Avenue and Abbot Road in downtown East Lansing. The proposed 5.25-acre project includes a 10-story, mixed-use building, including residential units, retail, restaurant and office space, along with a boutique hotel, public exhibition space and a 400-seat performing arts theater. To the north would be a four-story, mixed-use building with retail or restaurant space on the first floor and residential units or offices on the upper floors. Along Evergreen Avenue a 400-space parking structure is proposed to serve the development. An overhead skywalk is proposed to connect the anchor building to the parking structure. To the west of the parking structure is a four-story residential building and also nine townhouses that are adjacent to Valley Court Park. Click here to view project renderings.
The project involves a number of changes to the physical layout of the northwest corner of Abbot Road and Grand River Avenue, including reconstruction of Albert and Evergreen avenues in the area. Albert would be realigned west of Abbot Road (to intersect at a 90-degree angle with Abbot Road) and will be extended to Valley Court Drive (north of Crunchy's). Evergreen Avenue would be realigned to intersect with Albert Avenue at a 90-degree angle and the section of Evergreen Avenue extending south to Grand River Avenue would be removed. The surface parking in the area would be largely removed and replaced with a six-story parking structure north of the new Albert Avenue and between Abbot Road and the new Evergreen Avenue.
Background
The East Lansing City Council approved an amended site plan application from Strathmore Development Company on April 6, 2010. Strathmore was granted a 12-month extension to the site plan in 2011 by the Planning Commission, thus extending the approval until April 6, 2012. The proposed amendment does not modify the footprint of any of the buildings in the project from what was previously approved by City Council. The only change is a modification of the permitted uses for Building B. The original approved site plan permitted retail, restaurant and residential uses in Building B. The amendment allows for substantial office space in the building in lieu of residential units.
City Council Continues Discussion of Due Diligence Process
The East Lansing City Council recently discussed the City Center II due diligence process (update 5/22/12) and confidentiality parameters at its Tuesday, May 22, 2012 work session. City staff will continue to proceed working with the various consultants as outlined in the May 22, 2012 due diligence checklist. The scope and confidentiality parameters will continue to be refined as the process moves forward and more data is made available.
Recent Updates
City Council discussed the City Center II financial structure, related documents and a DRAFT pre-development agreement at two special meetings on March 20, 2012 and March 27, 2012. City Council approved the finalized Pre-Development Agreement, with revisions, at its Tuesday, April 3 meeting. The agreement provides the City of East Lansing with a due-diligence period, during which the financial structure and related agreements for the proposed project will be reviewed. Per the agreement, the due-diligence period will be completed by no later than Tuesday, June 26 and a final decision will be made by Council no later than Tuesday, July 31. Following the due diligence, Council will decide to either move forward with a development agreement or let the agreement lapse and be free to pursue other development on the publicly owned portions of the site.
In order to activate the site plan by April 6, the Downtown Development Authority (DDA) has approved the demolition of 303 Abbot Road to commence immediately. This demolition was contingent on City Council's approval of the pre-development agreement.
About the Proposed Project
The $105 million dollar project proposed by Strathmore Development Company is located at the corner of Grand River Avenue and Abbot Road in downtown East Lansing. The proposed 5.25-acre project includes a 10-story, mixed-use building, including residential units, retail, restaurant and office space, along with a boutique hotel, public exhibition space and a 400-seat performing arts theater. To the north would be a four-story, mixed-use building with retail or restaurant space on the first floor and residential units or offices on the upper floors. Along Evergreen Avenue a 400-space parking structure is proposed to serve the development. An overhead skywalk is proposed to connect the anchor building to the parking structure. To the west of the parking structure is a four-story residential building and also nine townhouses that are adjacent to Valley Court Park. Click here to view project renderings.
The project involves a number of changes to the physical layout of the northwest corner of Abbot Road and Grand River Avenue, including reconstruction of Albert and Evergreen avenues in the area. Albert would be realigned west of Abbot Road (to intersect at a 90-degree angle with Abbot Road) and will be extended to Valley Court Drive (north of Crunchy's). Evergreen Avenue would be realigned to intersect with Albert Avenue at a 90-degree angle and the section of Evergreen Avenue extending south to Grand River Avenue would be removed. The surface parking in the area would be largely removed and replaced with a six-story parking structure north of the new Albert Avenue and between Abbot Road and the new Evergreen Avenue.
Background
The East Lansing City Council approved an amended site plan application from Strathmore Development Company on April 6, 2010. Strathmore was granted a 12-month extension to the site plan in 2011 by the Planning Commission, thus extending the approval until April 6, 2012. The proposed amendment does not modify the footprint of any of the buildings in the project from what was previously approved by City Council. The only change is a modification of the permitted uses for Building B. The original approved site plan permitted retail, restaurant and residential uses in Building B. The amendment allows for substantial office space in the building in lieu of residential units.