By Rio Nuevo Board
In one of Rio Nuevo‘s most active recent meetings, the Board – unanimous on every agenda item – approved projects ranging from a $180M hotel and residential complex to a new bar and restaurant on Congress Street and many more.
Developer Scott Stiteler presented his plans for the entire block at 340 N. Sixth Ave. and 7th Street. Phase One is an $8M investment by Stiteler’s team to fully renovate the Corbett Building. This renovation will include an “old school” burger joint, a beer garden, five pickleball courts, and 188 parking spots. Stiteler also has plans to renovate and improve what he is calling “Corbett Lane,” the street to the south of the building. The goal is to increase connectivity of all types, include better lighting, planters, and more.
The second and third phases contemplate a new 10-story hotel and 15-story apartment complex with an investment from Stiteler of over $180M. “There isn’t anyone with that kind of scale contributing to downtown right now,” said Chairman Fletcher McCusker. Rio Nuevo agreed to a Government Property Lease Excise Tax lease, tax rebate of approximately $5M and a $500K cash contribution to launch the first phase.
Additionally, the Board authorized a solicitation to locate a private sector partner for the so-called “Country Home Block,” on the southside of Broadway, within the Sunshine Mile. Bidders will be invited to suggest public/private partnership proposals for that block. The Solicitation will be posted to the Rio Nuevo website.
The Board also approved four minor projects and provided sponsorship and additional funding for two more.