2021-05-05 20:38:27 –
Stillwater has approved a $ 24.5 million new luxury condominium parking difference on the grounds of the Chestnut Building in downtown Stillwater.
Reuter-Walton Development plans to redevelop a two-story commercial building and multi-storey car park in the 1960s on 200 blocks of Chestnut Street, one block west of Main Street. Their plan requires 61 units of apartments (complete with penthouse suites) with 73 underground parking lots.
The Stillwater Parking Ordinance requires a total of 112 parking spaces, 1.5 or 92 for resident parking and 1 for 3 guest parking.
The city council cast 3-2 votes on Tuesday night to approve the difference and mitigation plan for the 39 space shortage. Council members Dave Junker and Mike Polena voted against the bill.
Instead of using a public parking system for deficit spaces, Reuters Walton pays $ 20,000, or $ 780,000, for each deficit space. The council demanded that the city’s Downtown Parking Enterprise Fund be prepaid $ 40,000 before issuing a building permit for the project, said community development director Bill Turnblood. He said the funds from the fund will eventually be used to build a new municipal parking lot in downtown Stillwater.
The rest will be paid to the fund according to the schedule established in the project’s pending tax increase loan agreement. Starting in the fifth year of the TIF deal, Turnblood said balance payments are likely to be in units of $ 15.20,000 per year, but emphasized that the deal has not yet been approved.
According to Junker, five recently developed homes in downtown Stillwater totaled 346 homes, providing 761 on-site space. “And it’s still hard to find a parking lot,” he said.
Developer Nick Walton Previously mentioned 73 underground food stalls and 26 street parking spaces It will be enough around the building. He told the council on Tuesday night that the building could only handle one level of underground parking due to the proximity of the water table, and that many of the units were rented by individuals rather than families.
The council on Tuesday also voted 3-2 to approve changes to the City Height Ordinance to allow three apartments on the fourth floor of the proposed complex. Council members Junker and Polehna voted against the bill.
City regulations allow buildings 37 feet high. Half the height of the proposed complex is 46 feet. According to Walton, the other half is 36 feet high.
Setback differences were approved with a 5-0 vote.
The chestnut building, which is not considered a historic building, has been vacant since August 2020.
Parking variance approved for new luxury apartment complex in downtown Stillwater – Twin Cities Source link Parking variance approved for new luxury apartment complex in downtown Stillwater – Twin Cities