BY LUCIE KRISMAN
The Eudora City Commission further discussed Monday evening its plans for the Nottingham project, involving the demolition of Nottingham Elementary and the redevelopment of its property for commercial use.
City staff presented the City Commission with a master development agreement with CBC Real Estate Group, a Kansas City private real estate company. A draft of this plan was discussed at an earlier City Commission Nov. 12 meeting. It was revised and the final version was presented Monday for approval.
The City Commission voted to approve the master development agreement for the project.
Mike Belew, executive vice president of CBC Real Estate Group, said the company has worked on approximately 1 million square feet of retail and has significant background in both retail and health care development.
"We're excited about the opportunity," Belew said about the Nottingham redevelopment project. "It's a challenging market, and we're looking forward to it."
Belew said the retail market has become more challenging, which has been affected by the growth of e-commerce.
"I think we've just got to get creative on the partnerships and how we market the property," Belew said.
During a work session before the meeting, Tom Kaleko of Baker Tilly Municipal Advisors presented the City Commission with a public cash flow analysis of the project with estimates for total costs. According to the financial plan, estimated totals for each phase of the project are $2.3 million for the first phase, $190,497 for the second phase, $1.2 million for the third phase, and $65,000 for the final phase.
"It's easy to think this is the way it's going to be, but it's very important to remember this is a projection based on the best information we have available to us," Kaleko said.
The phases for redevelopment of the property will include a new Casey's General store and three lots along Church Street for fast food establishments in the first phase. Options for the next phases of the project include service retail, offices and restaurants.
Mayor Tim Reazin said the City Commission wants to make sure the city continues to have control over design aspects of the project.
"That's our hope through this, that we have that continued control and we can work together," Reazin said. "The focus of our growth is that, long term, what's the best for 20-year growth for that area?"
Reazin voiced appreciation for the time that has gone into the Nottingham project so far.
"I know there has been a lot going into it," Reazin said. "Our hope is that folks in the community will understand that this is something that we're looking at to help our long-term tax base so we have some retail sales stay in town instead of losing them all to Lawrence and Kansas City, and I think this is a great step toward that."
Reach reporter Lucie Krisman at eudoratimes@gmail.com.
Kommentare