Title
Brooklyn Village Redevelopment Project - Phase I Update
Action
ACTION:
Receive as information an update on Phase I of the Brooklyn Village Mixed-use Redevelopment Project
Staff Contact: Dr. Leslie Johnson, Deputy County Manager
Jacqueline McNeil, Real Estate Management Director
Presentation: Yes, presentation furthcoming
BACKGROUND/JUSTIFICATION:
At the Board of County Commissioners August 5th meeting, the Charlotte real estate team, First & Early Capital, presented information on its commitment for the redevelopment of Phase I of the Brooklyn Village project. First & Early obtained ownership of the Phase I property (former Bob Walton Plaza grounds) after the previous developer, BK Partners, conveyed the property to its lender.
The First & Early team shared detailed information with the Board on the realities of today's development market versus 2018 when the original Master Redevelopment Agreement for the project was executed. Following the August 5th meeting, County staff had several rounds of discussion with the First & Early partners to reach agreement on proposed development component requirements for the Board to consider.
Proposed Phase I development components and timing changes will be shared with the Board for discussion and feedback at tonight's meeting. County staff anticipate bringing forth an action to the Board at its November 5th meeting to allow the County Manager to negotiate and execute an agreement between the County and First & Early related to redevelopment of Phase I of the Brooklyn Village project. The information presented is related to Phase I of the Brooklyn Village project only and not Phases II or III.
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A