Item B: West Broadway Purchase Options

Home Browse Search

Market conditions will also play a major role in determining how this area is redeveloped. Given the cost of construction downtown and the fact that Eugene's property values and lease rates lag behind more dense downtowns in larger metro areas, a comprehensive redevelopment approach would likely have greater potential to elevate the market values and conditions in the area more quickly, therefore making redevelopment along West Broadway much more feasible. The RFQ strategy also makes effective use of the limited option period through selection of a qualified developer who could act on the purchase options within the option period. Additionally, the RFQ strategy would take advantage of the positive downtown momentum created by the reopening of th Broadway, the new Eugene Public Library, The Tate Condominiums, WestTown on 8, and the th potential Kemper 10 & Charnelton project. 2. Purchase some or all of the properties and offer them for sale and redevelopment . The council could consider purchasing some of the key properties, or all of the properties, currently under option. Under this strategy, the URA could take advantage of the limited opportunity to acquire key properties during the option periods. Following the purchase of the property(s), the URA could seek proposals for development of individual properties or groups of properties. This strategy would require the identification of financial resources necessary to execute the purchase of properties. City staff is analyzing both Downtown Urban Renewal resources and the recently approved CDBG-HUD 108 loan and Brownfield Economic Development Initiative (BEDI) grant as potential sources of financing for acquisition. This analysis is still in progress. 3. Reopen discussions with Connor and Woolley/Opus. The council previously provided direction to work with Connor and Woolley/Opus on developing a more detailed proposal. Although it is not clear that Connor and Woolley/Opus would choose to move forward with their previously discussed redevelopment project, the City could first consider whether Connor and Woolley/Opus have an interest in properties that are currently under option. Prior discussions with Connor and Woolley/Opus revealed plans for retail, housing, entertainment, and hotel uses. The overall concept appeared to be very responsive to the goals of the Downtown Plan. If there is interest in resurrecting their project, the URA could reopen discussions with Connor and Woolley/Opus, with the goal of obtaining additional details and commitments regarding their development concept during the limited option periods, and prior to conveying the options. RELATED CITY POLICIES Future redevelopment of the West Broadway area is consistent with the policies and implementation strategies included in the Downtown Plan, including: • Downtown development shall support the urban qualities of density, vitality, livability and diversity to create a downtown, urban environment. • Actively pursue public/private development opportunities to achieve the vision for an active, vital, growing downtown. • Use downtown development tools and incentives to encourage development that provides character and density downtown. • Promote multi-story, mixed-use structures downtown through financial incentives or code amendments. • Stimulate multi-unit housing in the downtown core and on the edges of downtown for a variety of income levels and ownership opportunities. L:\CMO\2006 Council Agendas\M061127\S061127B.doc