May 1, 2014

Renaissance scales back plan to a single apartment building

Phase 1A, in new Renaissance proposal

The initial phase of the proposed Depot Square project has been pared back to a single 101-unit apartment building with a small retail space.
The Long Island-based Renaissance Downtowns released a confidential 39-page document Wednesday outlining its financing plans for what it now calls the 1A phase, including a possible $6 million allocation from the city to close the gap between what private investors are willing to pony up and the anticipated $17.7 million price tag
Don Monti, Renaissance’s president, said the key to revitalizing the entire former mall site is to create “an ecosystem” that brings in enough tenants to support the shops and restaurants the developer hopes to add as it moves forward with the rest of the multi-year project.
The report makes clear that market rate rents for the proposed building won’t cover its cost without public help, at least initially.
“The numbers either work or they don’t,” Monti said. “We are not magicians.” Link to story.

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