UPTOWN — After months of negotiations with the city's Department of Planning, the developers behind the $121 million-plus proposal for the former site of Maryville Academy have emerged with new plans, Ald. James Cappleman (46th) said Monday.
JDL Development and Harlem Irving have released their new proposal for the site, which will be presented to the 46th Ward Zoning and Development Committee at 7 p.m. Nov. 30 in the Weiss Hospital Auditorium, Cappleman said via email Monday.
In 2013, the mixed-use development in the Clarendon/Montrose TIF district was expected to cost at least $220 million, according to James Letchinger. The project was to include roughly 800 apartments, but the new project shows a much simpler plan.
According to Cappleman, the committee approved the project in February 2014, but it "was delayed by the Dept. of Planning due to the financing of the project." The total project cost is estimated at more than $121 million, Cappleman said.
The new plan has only one residential tower with 381 units — 130 studio apartments, 198 one-bedroom apartments, 45 two-bedroom apartments and eight three-bedroom apartments. It will have 289 parking spaces compared to the original 554 spaces. The project will also have 37,371 square feet of commercial space, according to the plans.
The developers said they're requesting $15.8 million in TIF funds with $4.6 million to be paid within eight months of the start of the project. Last time, they requested $34 million in TIF funds.
In the new proposal, "no funds are provided to the developer until the project has already generated the tax revenue, placing the financial burden on the developer if the project is not successful," Cappleman said.
Maryville was last used to evaluate and house children who were wards of the state before it closed in 2009. The empty complex consists of two buildings on the northwest and northeast corners of Clarendon and Montrose connected by an elevated walkway.
Because the complex would reside in a TIF district, it would have to set aside 20 percent of the units for affordable housing, according to city rules. But the developers plan to reduce the amount of affordable housing via contributions to the city's Low-Income Housing Trust Fund, they said in 2013.
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