Revitalization Commission Agenda and Packet 2022 06 01

Home Browse Search

1t t't LOUISVILLE REVITALIZATION Louisville COMMISSION COLORA.DO • SINCE 1878 SUBJECT: DISCUSSION/DIRECTION — 950 SPRUCE STREET/725 FRONT STREET (SPLIT MOUNTAIN COMMERCIAL 4 LLC) PUBLIC INFRASTRUCTURE ASSISTANCE APPLICATION DATE: JUNE 1, 2022 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: On May 18, 2022, staff received an application for Louisville Revitalization Commission (LRC) Public Infrastructure Assistance from Split Mountain Commercial 4 LLC for proposed renovation and rehabilitation work at 950 Spruce Street/725 Front Street. -T_T91:(r1:19111►111; The applicant proposes a project to renovate the existing commercial structure at 950 Spruce Street to include both residential and commercial uses, as well as to add a new structure to face Front Street. The commercial space would continue to focus on retail and office users, but the applicant asserts the addition of residential use and conversion to a mixed -use environment will reduce vacancy and increase contributions to the surrounding downtown businesses. The existing building at 950 Spruce Street (approximately 14,000 SF) will provide up to five residential units and a maximum commercial area of 7,482 square feet. The number of dwelling units and amount of commercial space will be determined based on market demand. The new building at 725 Front Street will provide three dwelling units. The building will maintain its parking lot, though it will be reduced in size and will be laid out so all access to parking comes through the public alley between Main Street and Front Street. For this mixed -use development, the applicant did undergo a zoning process with the City of Louisville. The Planned Unit Development (PUD) and Special Review Use (SRU) were approved by City Council on July 13, 2021. A copy of the final PUD is included as Attachment #1. According to the application, there will be $4.5 million to $5 million in investments made in this project, not including land and holding costs. The applicant's planned sitework and detail on investments is further outlined in the application, included as Attachment #2. The City has concurred with the applicant that there is a desire to extend downtown streetscape elements to maintain consistency with the surrounding area for items such as brick pavers, street trees in tree grates, and decorative street lights. The applicant is also reviewing the installation of EV charging station infrastructure. Split Mountain Commercial 4 LLC requests Public Infrastructure Assistance on public right-of-way work, including: • Reconstructing sidewalks, curb, and gutter; LOUISVILLE REVITALIZATION COMMISSION Agenda Packet P. 13