SoGro by Cornerstone SoGro LLc, John Clancy principal (owner of the Planet Fitness immediately to the north) has secured 15 years of property tax abatement at 95% plus 5 more years at 90% with a 26-0 vote of the Board of Aldermen. The abetment is estimated to be worth $7.126M in present dollars. Most of the land and buildings were property tax exempt as it was owned by the Catholic Church and the federal government. The Architect is Humphreys and Partners.
The plan is to build a $37.M 178 unit building first followed by two phases totaling 155 units for $35M. All market rate with rents averaging $1.48 per square foot. 14 studios, 82 1BD, 72 2BR, and 10 3BD in the first building. And enough parking to meet the minimum parking mandate.
The site plan could be made better with an eye towards street connections to the north, south, and east if the opportunity should arise. A city thrives on connections and the efficiency of a street grid with many nodes and choices of route.
This site plan leaves the possibility of connecting Bancroft with Ridgewood should some of the low-productivity land uses along Ridgewood be redeveloped. This would create a shouter trip in distance and time for someone heading west to Kingshighway to patronize the retail or catch the bus or someone to the west, in the development, or to the east to visit a friend or family member. For someone living in the development a trip to the east is extended by 1500-2000 feet due to the lack of a connection to Ridgewood.
Overall walkability would be enhanced. This is how a city turns around the erosion of CITY by auto-orientation. Let’s think ahead people!