The Bryan city council held a special meeting Tuesday, where approval was given to an economic development agreement for new housing and businesses at one of the city’s most visible intersections.
The $22 million dollar project at University and Copperfield includes what is described as an active senior living residential development. That is composed of a four level multifamily structure and two-two story villas.
In front of the housing, along University at the northwest corner of the intersection with Copperfield, two commercial buildings would host retail and restaurant businesses.
According to the background information from the city, the developer would receive $290,000 dollars. That represents the developer’s estimated cost of building additional drainage on the 11 acre tract.
The reimbursement on property taxes paid by the developer begins after the commercial portion of the project commences within 18 months following the completion of the residential portion.
Tuesday’s council vote was 6-0.