Ned Oliver has the details this morning on richmond.com of a proposed $750K grant from the city towards the development of the Studio Row apartments in Fulton:
Richmond Mayor Dwight C. Jones’ administration is recommending the city contribute $750,000 to help fund a planned 266-unit apartment development in Fulton Hill.
The city’s top economic development official, Lee Downey, said the deal represents a standard performance agreement and said the city expects to break even after four years because of the new tax revenue that would be generated by the project.
The project will bring more than 200 market rate apartments to a new development around the former Robert Fulton School. There will be a mix of market-rate one- and two-bedroom apartments, with spaces for a gallery and a coffee shop, and underground parking.
One building of the project will cascade down the closed cobblestone street in front of the school. The other will be across Carlisle south of the school building. The proposal calls for reopening Northampton Street between Goddin Street and Carlisle Avenue.
City Council’s next meeting is scheduled for Monday, January 11, 2016, at 6:00 PM at City Hall.