Redevelopment Plan for 1501 South 7th Street
This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 1501 South 7th St. Redevelopment Area. This Board Bill will allow 1501 South 7th St. to have 10 years of tax abatement based on 95% of the assessed value of the incremental improvements The prospective redeveloper proposes demolishing the occupied building on the property and constructing an apartment building. The apartment building will have approximately 300 market rate units, 5,000 square feet of commercial space and 330 parking spaces. The acquisition cost for all four parcels is $4.2 million, and construction costs are estimated at $68 million.