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ITEM 7
City Council Memorandum Cultural Development Memo No.
Date:
May 23, 2022
To:
Mayor and Council
Thru:
Joshua H. Wright, City Manager
Tadd Wille, Assistant City Manager
From:
Kim Moyers, Cultural Development Director
Subject:
Resolution No. 5585 approving a First Amendment to the Development Agreement between Spike Lawrence Ventures, LLC, and the City of Chandler to allow the construction of a mixed-use, four-story retail/residential housing development on the New Square Phase 2 site, located at the northeast corner of Oregon Street and Chicago Street.
Proposed Motion:
Move City Council adopt Resolution No. 5585 approving a First Amendment to the Development Agreement between Spike Lawrence Ventures, LLC, and the City of Chandler to allow the construction of a mixed-use, four-story retail/residential housing development on the New Square Phase 2 site, located at the northeast corner of Oregon Street and Chicago Street.
Background:
On April 26, 2018, Chandler City Council approved Resolution No. 5157 adopting the provisions of a Development Agreement between Spike Lawrence Ventures, LLC, and the City of Chandler for disposition and redevelopment of Site 6, located at the northwest corner of Chicago Street and Arizona Avenue. The developer has completed all Phase 1A and 1B minimum improvements as required by section 5.1(B) of the Agreement.
The COVID-19 pandemic created significant challenges for new commercial office development that were unforeseen when the parties signed the original Development Agreement. Simultaneously, the pandemic's effects on the housing market have exacerbated the low inventory of housing in Chandler.
Under the First Amendment to the Development Agreement, Spike Lawrence Ventures, LLC, will construct a four-story building totaling at least 55,000 square feet. The ground floor will consist of a minimum of 8,000 square feet of retail and/or office tenants, with an additional 3,000 square feet of outdoor patio space beyond the building footprint. Floors two through four will consist of at least 34 residential condominiums with a fitness area. Phase 2 will also include an underground parking garage containing at least 40 parking spaces for residents of the building. In addition, the building design must be consistent with the Preliminary Development Plan previously approved by Chandler City Council, residential units may not be used for vacation or short-term rentals, and the Covenants, Conditions & Restrictions (CC&R's) must acknowledge that the property is located within the Downtown Entertainment District.
Attachments
First Amendment to Development Agreement
Resolution No. 5585
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