A vote on the Bloomington City Council agenda indicates the city’s intent to move forward with a Champaign-based developer to build housing at a derelict property near Illinois Wesleyan University.
According to the agenda for its Oct. 26 meeting, the city council will vote on whether to authorize negotiations with Royse and Brinkmeyer for redevelopment of 801 and 807 N. Main St.
The council and city staff heard two proposals for redeveloping the plots during its committee of the whole meeting on Oct. 19. The Franklin Park Foundation [FPF] presented one, Royse and Brinkmeyer the other.
“[Royse and Brinkmeyer] is presently the development team most capable of successfully financing, constructing, leasing, operating, and bringing the proposed project to fruition,” the draft ordinance reads.
Any development plans or agreements would have to be approved by a separate vote.
The ordinance memo states the council could amend the ordinance to authorize negotiations with FPF as well.
Royse and Brinkmeyer CEO Colin Carlier proposed building around 140 to 160 units in some combination of studio, loft, one-, two- and three-bedroom apartments. The property management company operates more than 1,000 apartments in Champaign.
In previous projects, like The Pilot, Royse and Brinkmeyer combined different housing types in one development. Carlier said the proposal for the Main Street property also would consider a mix of apartments, townhomes, mid-rise and walk-up apartments.
Royse and Brinkmeyer partnered with Catalyst Construction and Hewn Studio in developing the $38.5 million proposal.
The presentation to council did not include specific rent rates. Other properties managed by Royse and Brinkmeyer list rents starting at $1,060 a month for a studio apartment, and up to $2,385 a month for a two-bedroom, two-bathroom apartment.
FPF’s Franklin Square neighborhood project suggests constructing two six-story buildings with 260 apartments — 40 studios, 110 one-bedroom apartments, 90 two-bedroom apartments, 20 three-bedroom apartments — with 40 listed as “workforce” studio apartments, at rates affordable for those making around the area median income.
FPF estimated the project would cost $62.5 million.
