A public-private partnership that would bring more parking and other improvements to the West Trade Street corridor is one step closer to becoming reality.
On Monday, the Charlotte City Council’s economic development committee recommended to the full council that it partner with Charlotte-based Griffin Bros. and invest $3.18 million from the city’s Business Corridor Revitalization Fund, which has a $17.4 million balance.
The funds include $3 million for the construction of 223 public parking spaces in a multilevel parking deck, according to a presentation from Peter Zeiler, the city’s development and investment manager. The funding also includes $182,000 in public rights of way infrastructure improvements, such as street paving, sidewalks, lighting and landscaping.
Griffin wants to build the parking deck as part of a larger project, Mosaic Village, which includes an 80-unit student residence complex with 301 beds and 6,800 square feet of retail space. The plans also call for 45,500 square feet of classroom and arts space.
The total cost of the project is $29.1 million.
Griffin would be responsible for funding construction of 180 additional parking spaces in the parking deck for residents of Mosaic Village and shoppers, a rooftop facility for events and green space.
Plans call for Johnson C. Smith University to lease the residences and classroom space for 25 years.
Developers hope to have the project done by September 2012.
The council is expected to consider the funding request Monday.
Tara Ramsey can be reached at email@example.com.