2022-14 - Authorize negotiations with CASTO for downtown development

Home Browse Search

Page 3 Term Sheet for Lakewood Downtown Development March 23, 2022 space, exclusive of any outdoor space dedicated to such private use, provided that such mix of uses shall be subject to change to reflect market conditions. i. The City and Developer acknowledge that a hotel use is desirable for the Project, however both parties agree that the current market and demands by potential hotel operators are not financially feasible or appropriate at this time. Nothing in this Term Sheet shall preclude the future inclusion of a hotel use in the Project provided that the hotel use does not replace or reduce anticipated office space but will count toward satisfaction of the Minimum Combined Commercial Development. ii. Prior to execution of the Development Agreement to be negotiated by the parties, Developer will submit a summary of anticipated retail tenant categories for the City's review, which tenant mix will be generally consistent with the product mix concept submitted by Developer in response to the RFP. iii. Developer acknowledges the importance to the Project of including local, independent, and unique businesses in the tenant mix. Developer will use commercially reasonable efforts to cause at least 25% of the gross retail and restaurant leasable area during the initial lease -up of the Project to be local, regional, or state businesses. b. Residential Development Requirements. The Project will target a minimum of 200 residential units (the "Residential Component"). The residential units will be: i. Reflective of current and anticipated market conditions and include a mix of unit types, sizes, and number of bedrooms; ii. Respectful of and sensitive to the scale and character of the surrounding single family neighbors; and iii. Responsive to the changing dynamics of housing demand and availability within the City of Lakewood. iv. Developer will target as many "for sale" units as commercially reasonable and require owner -occupancy by deed restriction or other acceptable measure approved by the City for a period of 30 years. For sale properties will be identified prior to the establishment of any tax increment financing with respect to the Project, as described below. C. Preservation of Curtis Block. The exterior of the Curtis Block building has been designated as historic pursuant to Chapter 1134 of the City's Zoning Code. Preservation of the Curtis Block building is an objective of the City and Developer for the Project. The City has shared with Developer various reports and studies outlining the condition of the Curtis Block and Developer has visually inspected the building. Based on these reports, studies, and inspection, Developer is analyzing various opportunities for adaptive re -use and preservation of the historic fagade of the Curtis Block building. Developer will regularly consult with City regarding the outcomes of this analysis and will share with City any technical reports, financial analyses, or other reviews conducted regarding the 17439155v7