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Alexander Company will lease Phase I of the residential portion of the project from 424 Memorial Drive LLC and the IDA will lease the commercial part, Bobe said.
Phase II of the residential portion (the additional 100 apartment units) will remain unleased until a future date, Bobe said.
“All leases will be with the ownership entity for this building [424 Memorial Drive LLC],” Bobe said. “Terms of this lease structure will be finalized towards the fourth quarter of this year once the financing has closed.”
The IDA will receive income from the commercial tenants and an additional 25% of the project’s stabilized cash-flow, Bobe said.
Site Collaborative, an architectural firm in Raleigh, North Carolina, designing a planned nearby riverfront park, will perform the site design for the project.
Apartments will come in 1-, 2- or 3-bedroom units for rent.
The apartments will come in 1-, 2- or 3-bedroom units for rent, Vos said, with 1-bedroom units renting for between $840 and $980 a month, and the 2- and 3-bedroom apartments will rent for $1,000 to $1,200 and $1,170 to $1,490, respectively, Vos said.
Vos said 25% of the apartments would be set aside to make housing available for individuals and families earning between $30,000 and $50,000 a year.
The Alexander Company will guarantee completion of the project, and with its investors, contribute about $24.6 million of equity and $17.9 million of financing, for a total of about $42.5 million, Vos said.
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