mincow 04-11-22 - Laserfiche WebLink

Home Browse Search

In order to identify additional cost-savings, each project component was analyzed. The garage was identified as a major cost driver. In order to save money, the underground portion was moved above-ground, which reduced the number of residential units. The office space component was also identified as a challenge. That challenge was mostly addressed when Roundstone approached the project team and expressed interest in owning its own space in the building. Mr. Sobczak walked through the project facts and figures (attached here), highlights of which include the following: • 204 residential units, with an average 863 square feet and average rent of$1,857. • 11,000 square feet of commercial space in the "Roundstone"building and another 13,000 square feet in the Curtis Block • 504 total parking spaces • Total project cost of$81,875,000 with a $17,875.00 gap to be potentially filled with tax credits, grants, TIFF and/or low-interest loans Mr. Sobczak discussed the parking spaces and for whom they are reserved. Cleveland Clinic is owed 75 spaces through previous agreements. These spaces, plus the 240 for Roundstone will be available to the public evenings and weekends. The public will have access to 85 spaces Councilmembers inquired about the 75 Cleveland Clinic parking spaces and wondered if all spaces were needed by Cleveland Clinic. They suggested approaching Cleveland Clinic to find out about their current needs. Director Leininger explained that that has not yet been done and would require reopening the previous agreement between the City and the Clinic. Councilmember Bullock emphasized the magnitude of the opportunity at the site to spur reinvestment. He questioned whether the project is so constrained by financial considerations if there is room to make adjustments. Mr. Sobczak responded that there may be room to add additional for-sale residential options and other residential options but that the site can not absorb any additional office or retail space. He added that the current version of the site does not include detailed design decisions that have yet to be made. In response to a question, Mr. Sobczak confirmed that the project gap takes into consideration the affordable housing component. In response to a question, Director Leininger explained the process to bring the site to grade. He stressed that this is important to do as soon as possible for reasons related to the contamination and treatment of the groundwater and rain water at the site. The City had originally budgeted $1.5 million out of the Lakewood Hospital Fund to pay for site grading. A modified plan anticipates less than this amount. These costs are separate from any of the financials associated with the project and will be borne by the city Councilmember Kepple advocated for housing on the site to accommodate families with school- aged children. She referenced the recent joint meeting of Council and the Board of Education where both bodies discussed the challenges of keeping kids in the district and how housing is one of those challenges. 2