Developers of 84South, the 40-acre, mixed-use development in Greenfield, have scaled back the number of apartments in the project by almost 100 units.
[caption id="attachment_138821" align="alignright" width="414"] 84 South will be a mixed-use development at 84th and Layton.[/caption]
The original plan called for Fiduciary Real Estate Development Inc. to develop 360 apartments in four, four-story apartment buildings on 7.5 acres on the western portion of 84South’s property. The development is being constructed south of I-894 and west of South 84th Street.
This week, Scott Yauck, president and CEO of Cobalt Partners, who is developing the entire project, said the number of apartments has been revised to 268 units. The apartments will be built in four buildings in three-story buildings on the same footprint.
“The market demand for new residential units in the area is extremely strong and supports the number of units contained within the larger project,” Yauck said. “However, in weighing the return on investment of TIF funding required to support the more complex parking infrastructure for the denser plan, the city, and all stakeholders felt that the revised plan made the most sense.”
The change will not affect the $29.7 million TIF that was approved last year for the $115 million project, said Charles Erickson manager of community development for the city.
The city plan commission will review the changes tonight.
Construction on 84South began in March 2016. It is scheduled to open this year. In addition to the residential, the development includes a new Steinhafels store, Fresh Thyme Farmer’s Market and several other retailers.