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Angle Lake Station TOD
Suitability for housing and development strategy
3/5/2020
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Why we are here
- Seeking action on declaring surplus properties as suitable for
the development of housing and on the development strategy.
Angle Lake Station TOD Suitability for housing and development - - PowerPoint PPT Presentation
Angle Lake Station TOD Suitability for housing and development - - PowerPoint PPT Presentation
Angle Lake Station TOD Suitability for housing and development strategy 3/5/2020 Why we are here Seeking action on declaring surplus properties as suitable for the development of housing and on the development strategy. 2 Property
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Property background
North site
- 33,529 square feet
- $2.2+ million value
- Federal interest: 80%
South site
- 27,507 square feet
- $1.75+ million value
- Federal interest: 86.5%
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Engagement outcomes
What we did
- Targeted stakeholder group meetings
- Community event tabling
- Rider intercepts
- Developer request for information
What we heard
- Support for housing, including affordable
- Support for customer amenities
- Support for retail space, including cultural-specific retail space
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Recommended Actions
North site
- Declare suitable for
housing
- First offer to qualified
entities for affordable housing
- Allow for discounting of
property value for affordable housing
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Recommended Actions
South site
- Declare suitable for
housing
- Offer to open market
- Require fair market
value (±$1.75M)
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Next steps
- Issue request for proposals
for sites (Q2 2020)
- Return to Board with
- utcomes of request for
proposals and any transaction terms (Q4 2020)
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