The North Fork redevelopment project consisting of a downtown residential and commercial development continues to move forward in the process.
On Monday, the Community Development Agency approved it for the second time. The agency consists of Norfolk Mayor Josh Moenning and Norfolk City Council.
Monday’s meeting marked the third in a five-step process. Known as the Geary Redevelopment Project, the housing and commercial proposal includes the construction of two apartment buildings to accommodate Wayne State College students through the Growing Together Career Scholars program.
It will then be presented to Norfolk City Council on Monday, April 4. If approved, it will then revert to the Community Development Agency for the fifth and final consideration.
The proposal includes a commercial property as part of the first phase, with apartments on the second floor.
Dan and Connie Geary have applied for tax increment financing (TIF) for the redevelopment, which is northeast of the intersection of Braasch Avenue and Third Street North. It is bordered to the east mainly by the river.
With the TIF, additional property tax revenue generated from development work is initially and temporarily used to help with the infrastructure costs of the development, thereby making the housing and commercial project more affordable.
Once the assistance for infrastructure costs is paid, the higher property tax revenues go to the government entities that normally receive them.
The area consists of approximately 4.5 acres which they wish to redevelop. The project is zoned a mixture of I-1, C-1 and R-3. The Gearys intend to redevelop the property and rezone it to C-2 with a mixed-use overlay.
The project will require significant infrastructure upgrades and other public improvements. These improvements will include public access, circulation, street design and street grading.
Some of these improvements include the North Second Street Extension, the construction of two crossing lanes to connect the North Second Street Extension to North Third Street, and the Winter Avenue Extension eastward.
It will also include sidewalks allowing pedestrian access to the area and will also relocate the existing unused rail bridge spanning the North Fork of the Elkhorn River downstream to provide a pedestrian connection to existing trails and Johnson Park.
There will also be extensive water and sewer systems, communication lines, gas, electricity and other essential utilities and infrastructure to provide service to the region. Backfilling and leveling work will also be required.
The total estimated cost of the redevelopment project is $24,712,736. The plan calls for up to $4.8 million of TIF, with estimated TIF expenditures of around $3.2 million. The project is not economically feasible without TIF, according to the plan.
The project is expected to consist of three phases, with the first phase beginning this spring. A total of five condominiums and 39 apartments are planned. There are also approximately 18 commercial units planned for construction, as well as the rehabilitation of an existing commercial building.
Other improvements require landscaping with green spaces, lighting, street furniture and a fire pit.
Wayne State College students will live in much of the housing thanks to the “Growing Together” initiative. This plan is designed to increase the number of young people coming to and staying in Norfolk, as well as to increase annual wages for workers.
Growing Together includes a cooperative education scholarship program with a partnership between Wayne State College, the Ak-Sar-Ben Foundation, the City of Norfolk and the business community.
