Under terms of the deal, Broad Street Partners will get the rebates over 12 years. The city stands to gain $1 million a year in property taxes after the 37-story structure is completed in 2007, city staffers confirm for GlobeSt.com. That tax revenue compares with $32,000 a year the 79-year-old, 500-member Downtown private University Club now pays for the property.
University Club and Broad Street Partners are collaborating on the project. The club will occupy a sky bridge location that will take up about two floors in Tradition Towers. The club traded its 1.5-acre site to Broad Street for the new space, as GlobeSt.com previously reported. The project is scheduled to break ground in the third quarter.
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