Lowe's would occupy a 170,000-sf big box while Wal-Mart would be an anchor in a 158,215-sf building to the west, according to plans submitted by a limited liability corporation.
Earlier this year, the community development commission recommended $62.5 million in tax increment financing funneled into the area, which would include $26.5 million for infrastructure and $25.5 million for assembling properties.
Besides improving a blighted site and bringing commercial uses to the West Chatham neighborhood, the project would be much less dense than what could be allowed under current manufacturing zoning. The developer, 83 Venture LLC, is seeking a business planned development that would allow building up to 800,000 sf. Current zoning would allow up to five million sf of industrial space to be built.
In addition to the two big box anchors, plans by 83 Venture LLC include two bank buildings of 4,860 sf each, a 5,075-sf restaurant and 8,000-sf restaurant, as well as two 8,000-sf buildings for smaller retailers. Those buildings would have frontage on 83rd Street. Two other larger retailers could occupy separate buildings of 22,815 sf and 45,720 sf, according to the developers' plans.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.