A $30 million dollar residential and retail development is proposed for the north end of downtown Bryan.
The Brazos County Commission on Tuesday approved an economic development agreement that county judge Duane Peters says will give up to $760,000 dollars in property tax rebates on the improvements.
The Jordan Center proposal from BCS Modern Living LLC, which Peters says is targeted towards young professionals, originated with the city of Bryan.
The Bryan city council will consider its economic development agreement with BCS Modern Living on December 15.
Modern Living CEO Chris Lawrence says the project includes turning the Kimbell Feed buildings at 21st and Main into a restaurant. New construction includes a five story building. On the top three floors will be 87 residential units. The main floor will be a combination of mixed retail and an art gallery where artists would not have to pay a commission.
Jordan Center is across 21st Street from an existing building where Blackwater Draw Brewing recently began operating a new production facility. Another block north is the former Bryan Icehouse building, which is also slated for redevelopment. And Lawrence is also excited about a proposed development a block to the west at 22nd and Bryan.
Lawrence says pending approval by the city council, construction of Jordan Center is projected to start in the summer of 2016 and be opened in the summer of 2018.
Click below for comments from Chris Lawrence, visiting with WTAW’s Bill Oliver:
Here are details of the proposal before the Bryan city council according to director of strategic projects Lindsey Guindi:
The following is a brief description of the project:
. 5 story structure with 260,000 square feet of mixed use facility
. Luxury apartments, dining, outdoor pool and recreation area, bar and music venue, retail, art gallery, outdoor event space
. Transform the Kimbell Feed into a restaurant and catering center
. 175 space parking garage
. 2 year construction schedule to begin in summer/fall of 2016
. Development costs to total over $30,000,000
. Will add $25,000,000+ in property value after the project is complete
. No sales tax or BISD taxes will be abated or rebated
These are the terms that council will be discussing December 15 and are not finalized until they take action:
In the terms of the Chapter 380 Agreement, the City of Bryan agrees to:
. Rebate of 100% of ad valorem taxes paid for 7 years or $1,140,000 (whichever comes first)
. Waiver of building, electrical, mechanical and plumbing permit fees in an amount not to exceed $75,000
. A $50,000 grant for a public sculpture to be placed in the on-site sculpture garden
In the terms of the Chapter 380 Agreement, the Developer agrees to:
. Ensure that on January 1 of the year following the final certificate of occupancy for the property, the improvements on the property shall value at least $25,000,000.00 as determined by the Brazos Central Appraisal District. Additionally, the improvements on the property must continue to be appraised having at least $25,000,000.00 in value throughout the term of this agreement.
. Ensure that within one (1) calendar year of the execution of this agreement, developer will have applied for building permits for the development of the property; developer further agrees that it will have obtained a final certificate of occupancy for the development of the property within thirty (30) months of the execution of this agreement.
