Phase I of the North Buffalo Street project will begin no later than early 2017.
During its meeting Monday, the Warsaw Redevelopment Commission approved an agreement with the developer, Dave Matthews.
City Planner Jeremy Skinner said he’s been working on the dates for the agreement to allow for flexibility for the developer. Matthews will be able to build after the completion of the infrastructure, Skinner said.
“Since it has to be designed, bid and constructed, weather permitting, it’s not like I can say we’ll be done Aug. 16 or what have you,” he said.
The agreement states Phase I of the project – the residential development – will begin no later than Jan. 1, 2017, or three months after completion of public infrastructure, whichever is later. The developer has 10 years to complete the build out of all the residential units. Matthews expects to make a capital investment in the Phase I portion of the project of approximately $15.55 million, according to the agreement.
The residential development includes approximately 17 townhomes, 26 mews and 10 city homes.
Phase II – the mixed use building where the former Indiana American Water Co. building is now – will begin no later than three years from the completion of public infrastructure, and the developer has 18 months after commencement of its construction to finish it. The capital investment for Phase II will be approximately $5 million.
The multi-story mixed use building will have approximately 65,000 to 85,000 square feet of leasable space. It will be comprised of retail, eateries, office and residential spaces.
Assuming the public infrastructure gets completed this summer, Skinner said Matthews could begin construction in the fall.
The infrastructure improvements will be to North Buffalo Street north of East Fort Wayne Street, East Canal Street west of Ind. 15 and east of North Buffalo, and the extension of Indiana Street through the intersection with East Canal Street so that it loops into the present end of North Buffalo Street. Work will include the construction or reconstruction of roadway, curb, sidewalks, lighting, streetscape and sanitary/storm sewer infrastructure improvements throughout the corridor.
Skinner said the project will be presented to the Regional Development Authority May 17 for possible funding.
