A $14 million project proposed for downtown Alexandria would completely change the look of the 300 block of Broadway.
The project includes a building footprint of 37,200 square feet and would replace vacant buildings that last housed Bello Cucina restaurant and Blue Collar Bob's.
The new four-story complex would consist of commercial and retail space - including a new, unnamed restaurant - along with 75 apartments, ranging from studios to one- and two-bedroom units, according to the developer, GoodNeighbor Properties, LLC, represented by Rob Thompson and Ted Christianson.
It would also include 162 parking stalls, 112 of them underground.
Plans for the property were discussed at Monday night's Alexandria City Council meeting.
The developer is applying for tax increment financing to help pay for the project. With TIF, property taxes are frozen at the current rate for several years, and the future tax savings are used to help cover site development costs.
The developer is requesting to receive $3.5 million in TIF over a 13-year period.
The council didn't take action on the request but scheduled a public hearing for Monday, Feb. 25, at 7 p.m.
If approved, the project could start in March and be completed by June 2020.
In its TIF application, GoodNeighbor Properties noted the development would be located on the busiest intersection in Alexandria and would replace buildings that are in bad shape and beyond their useful life.
"The existing businesses on these lots have struggled and changed hands multiple times over the past 10 years," the application noted. "This project will clean up the corner and provide a facility that will be something more representative with the long-range goals of the city."
The developer said TIF is needed to make the project financially feasible because of the high cost of acquiring the properties, demolishing buildings and developing the site.
The rental rates for the apartments haven't been calculated yet, but are expected to range between $1,200 and $2,500 a month, slightly above the standard market, according to the developer.
The Alexandria Planning Commission tabled GoodNeighbor Properties' request for a planned unit development at its Nov. 19 meeting. It asked several questions about parking and wanted more time to digest the details of the project.