353 S Main St (Main & William Parking Lot)

Development of City-Owned Properties as Affordable Housing 121 Catherine St (4th & Catherine Parking Lot) 350 S. Fifth Ave 353 S Main St (Main & William Parking Lot) 415 W Washington St 123 W. Summit (lot split from 721 N Main) 309-337 S Ashley St & 104-120 W William St 1510 E Stadium Blvd (Former Fire Station #2) 2000 S Industrial Hwy 404-406 N Ashley St Platt Rd & Springbrook St

^{Image courtesy of SmithGroup}

Site Description and History

353 S Main is located on the northeast corner of Main and William Street. The site is an important gateway to the downtown MainStreet district. The site is 7,000 SF and is currently a surface parking lot managed by the DDA as a paid parking lot. The lot contains 24 parking spaces. Additional public parking is provided on-street and in the 4th and Washington Structure immediately adjacent to the site. There are 2,781 off-street and 473 on-street parking spaces within a 1/4 mile of the site. The site is seasonally used for public events. Key adjacent uses include the Main St and Liberty St businesses and the William St bike lane.

The site is currently zoned D1, Downtown Core District. D1 zoning allows for a maximum of 180 feet and a Floor Area Ratio (FAR) of 900% with affordable housing premiums. Due to the size of the parcel, the maximum FAR is reached before the building approaches 180 feet. The development is subject to secondary street frontage requirements and Main Street Character Overlay District. All concepts include an active ground floor and off-site parking strategy. From a financial perspective, the site would be eligible for a Lower Income Housing Tax Credit (LIHTC) development.

The City conducted community engagement to consider the following objectives for redevelopment:

Maximize affordable housing units below 60% AMI
Maximize market rate housing units
Develop a mix of housing unit types and prices
Activate the ground floor for public benefit
Provide parking on site
Maintain some City ownership/control
Contribute to Main Street character

Project History

November 18, 2019: R-19-521 City Council added 353 S. Main to the financial feasibility analysis
April 20, 2020: R-20-131 AAHC directed to conduct community engagement around potential development options to determine optimal development plan in support of affordable housing
April 19, 2021: AAHC shares results of community engagement process with City Council
April 19, 2021: City Council agenda item 21-0647 designates the AAHC to develop the property as affordable housing

Next Steps: AAHC hires development team, starts site plan approval process and secures financing.