A 24 story condominium and business building planned across the street from the Lied Center passed thru another Green Light on Monday. The City Council agreed that Lied Place, at 11th and Q, conforms to the downtown comprehensive plan.
City Urban Development Director Dave Landis told the council the current restaurant building, which formerly housed an Applebee’s restaurant, will be torn down to make way for the $30m development.
With a restaurant on the ground floor, offices on 3 floors, and 20 floors of condominiums, Landis said it will be a big investment by the developers and taxpayers: “This is a 24-story building at $30m for cost, $5m of which is TIF (tax increment financing), $25m is private investment.”
As for the downtown comprehensive plan, Council member Leirion Gaylor Baird said it checks a lot of boxes including: “its density, the mixed use, the active first floor, [and] streetscape enhancements.”
The next step, a re-development agreement, is expected to be ready for a council vote in about a month. Once final approval is given, construction is expected to take about 2 years.