By Roland Murphy for Arizona Builder’s Exchange
One downtown Mesa redevelopment project took the next step forward recently as the City and 3W Management put in place a Memorandum of Understanding agreeing to basic terms and conditions and extending negotiation timelines until the end of the year.
Under the proposed plan, 3W will extensively redevelop 2.75 acres near Mesa Drive and Main Street, east of Benedictine University, into a mixed-use commercial/retail, student housing, row home and luxury apartment development. The project will also include surface and parking garage improvements, as well as reforming other public areas.
3W’s minimum requirements for the project include:
- Creating at least 18KSF of commercial/retail space on or along Main Street
- Establishing a minimum of 80 beds for student housing
- Building at least 190 market rate/luxury apartments
- Developing a minimum of 14 row homes for sale
- Creating additional parking plus developing residential, commercial or retail add-ons for the existing Pomeroy garage, and
- Improving Gateway Park and Gateway Park Road
A surface parking lot on the site is currently under lease with an option for purchase to Benedictine University. The parties are in negotiations to amend the lease to allow 3W to develop and use the lot and for the City to enter into a lease with purchase option for 3W.
Once 3W and the university have completed their negotiations, 3W will provide the City with a letter of intent detailing how the project components related to Benedictine will proceed.
After all the negotiations are complete, the development agreement must be approved by Mesa City Council, and all component project plans will go through the city’s review, approval and permitting processes.
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