Report to Mayor and City Council
Tuesday, October 04, 2016
Discussion
SUBJECT:
Title
UPDATE ON THE APPROVED UNION SOUTH BAY MIXED USE PROJECT AT NORTHWEST CORNER OF CARSON STREET AND AVALON BOULEVARD (CITY COUNCIL)
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I. SUMMARY
In 2015, the City Council approved entitlements for a signature development within the Carson Street Mixed-Use District. Since then, staff has been coordinating closely with the developer to ensure that the project is constructed by Spring of 2018.
II. RECOMMENDATION
Recommendation
RECEIVE and FILE
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III. ALTERNATIVES
None
IV. BACKGROUND
Since the adoption of the Carson Street Mixed Use Master Plan in 2006, the City has committed to transforming Carson Street into a pedestrian-friendly neighborhood with new housing opportunities and desirable community amenities. Working in a partnership with the City, the developers have constructed approximately 600 residential units along Carson Street.
For the City-owned property located at the prominent intersection of Carson Street and Avalon Boulevard, the City was committed to work with a developer that would produce a luxury housing experience normally seen in Santa Monica, West Hollywood, and other upscale areas. In 2014, Faring Capital submitted a development proposal that included 357 apartments geared towards millennials and professionals. The project would use high-end materials and offer a fitness center, pool area, community lounge, rooftop courtyard on top of the parking garage, dog park/spa, and bike repair areas for residents. The project also features 30,000 square feet of commercial space for new retail and restaurant businesses with access to ground-level storefronts and a large public plaza.
In 2015, the Planning Commission and City Council approved the project. Since then, the majority ownership was sold to the Wolff Company, a real estate private equity firm that was founded in 1949. The Wolff Company has developed high-quality developments in Seattl...
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