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June 19, 2013

The bigger plan chosen for 10th Street in Jeffersonville

Myriad unknowns remain



But a sticking point from the start, at least for Lake, was the proposed purchase price of the property.



During a lengthy discussion, it was stated that the details of the proposals could be hammered out when working out the final development agreement between the redevelopment commission and the contractor.

Redevelopment Commission Attorney Les Merkley said the only issue that could not be negotiated if a proposal was chosen was the proposed purchase price.

“I think the only way you get around the purchase price issue is to reject and wait 30 days,” he said.

Jeffersonville-based API’s proposal offered to develop the 4.3 acre site by locating a Hilton franchise hotel with 2,300 square feet per floor and 150 total rooms. In addition, the plans call for three businesses — identified as Starbucks, Qdoba and Verizon — to locate in about 6,000 square feet of space. The businesses had signed letters of intent with API. 

The purchase price for the property that was offered was $1.

During the presentation of the RFP, API explained that the reason for the $1 purchase price is the amount of investment the developer will make in the property and pass the savings on the purchase price onto the tenant to incentivize them to locate at the site.

The White Reach plan called for two hotels, two stand-alone restaurants and a Starbucks. Letters of interest for potential tenants included Zaxby’s, McDonald’s, Cracker Barrel and hotel chains owned by Hilton. 

No purchase price was included in the RFP submitted by White Reach Development, but said price is “to be determined” if the proposal was accepted. 

Steve Reach, managing member of White Reach Development, said that the firm would seek incentives like New Market Tax Credits, and the breaks received by the developer would go back to the city by way of the property’s purchase price. The estimated  $24-$25 million development is contingent on receiving the tax credits.

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