The developers of the proposed Mosaic Village mixed-use project have been granted $3.18 million from the Charlotte City Council to be used for parking and infrastructure improvements.
The city’s financial contribution will include $3 million to fund the construction of 223 public parking spaces in a multilevel parking deck and $182,000 in public rights of way infrastructure improvements, such as street paving, sidewalks, lighting and landscaping.
Charlotte-based Griffin Bros. is the developer of the $29.1 million West Trade Street corridor project, which includes an 80-unit student residence complex with 301 beds and 6,800 square feet of retail space. Plans also call for 45,500 square feet of classroom and arts space.
The city’s funding comes from the business corridor revitalization fund, which has a $17.4 million balance.
Griffin will fund 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.
Councilmen Edwin Peacock and Warren Cooksey voted against the funding.
Tara Ramsey can be reached at email@example.com.