(Drawings from Shodeen Group)
On Wednesday, the City of Batavia received notice from Shodeen Group, developer of the One Washington Place development planned to be built in downtown Batavia in 2022, that they were exercising their rights under the redevelopment agreement to terminate the project.
The current state of the inflationary economy, instability of markets and supply chain disruptions were issues cited as the basis for the difficult decision which comes after more than five years of struggles to bring the project online. Both the developer and the City had been making plans for a January groundbreaking when recent trends in the cost for materials and material shortages became insurmountable obstacles to moving forward.
The One Washington Place development was planned as a mixed-use development located at the corner of Wilson St. and Washington St. taking up approximately three-quarters of that block consisting of:
· 4 stories of 186 Luxury Apartments
· A two-level, partially subterranean 330-space Public Parking Garage
· 16,550 square feet of commercial space (14,180 retail; 2370 office)
The project was conceived as a public-private partnership development totaling approximately $40 million, with approximately $16 million being financed utilizing Tax Increment Financing (TIF). Of the $16 million, approximately $11 million would be for the construction of the public parking garage that will be owned by the City of Batavia. The remaining $5 million would be used to reimburse eligible costs of the developer for the privately-owned portions of the project estimated to be approximately $30 million.
The City will continue to market the property for similar opportunities for a mixed-use development that adds new residents and retail space to the downtown and additional public parking spaces.
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