The agenda for the October 20 meeting of the City Planning Commission has an item of specific local interest:
10. ORD.2014-203 To declare surplus and to direct the sale of City-owned real estate located at 313 North 24th Street and 2407 East Marshall Street for $250,000 to Sterling Bilder, LLC, for the purpose of the construction of a mixed-use development including commercial, residential and civic space.
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The property adjoins Patrick Henry Memorial Park and is in close proximity to Saint John’s Episcopal Church. The subject property consists of two parcels: 13-315 North 24th Street which includes an existing brick building estimated at 7,320 square feet on 0.168 acres and 2407 East Marshall which includes a parking lot and contains 0.322 acres with both parcels totaling 0.49 acres.
Sterling Bilder, LLC, the purchaser, has offered $250,000 for the property. The offer is more than the $170,000 appraised fair market value of the property based on an appraisal completed in 2012 by the Purchaser. The two parcels including existing improvements were assessed by the City at $188,000 in 2014; however, in 2015 the assessment increased and the properties are currently assessed at $595,000.
A viable offer has been made to acquire and develop this property. By selling this property the City will stimulate private investment, job creation and economic development in the area. In addition, this property was removed from the Public/Open Space land use designation in the City’s Master Plan in 2010 and included in the Neighborhood Commercial designation, which suggests the proposed type of development is appropriate.
The Purchaser proposes to develop two floors of row-house style multi-family residences and ground floor commercial space at 2407 East Marshall Street with surface parking at the rear of the buildings. Also as part of the development, the existing Nolde building at 313 -315 N 24th Street would be renovated and receive an addition to incorporate 2 ground floor commercial units fronting 24th Street, a multi-purpose flex/ community room facing Patrick Henry Memorial Park and two floors of residential units at the east end of the building. The multipurpose room may be reserved for private or public events/meetings throughout the year.
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