South University Village Phase II
The mintues for next week's WSU Board of Governor's meeting include a section that the RFP for the South University Village Phase II is due out in the next two weeks. Anyone have any details/renderings?
http://bog.wayne.edu/meetings/2013/0...20item%20d.pdf
Over the past 6-9 months, the Office of Economic Development has led a process to determine the feasibility of and direction for the planned second phase of the South University Village project. The first phase was completed in 2008 and was named the Development of the Year by Crain’s Detroit Business. The anticipated second phase was delayed by the deteriorating economic conditions of the time. After significant market study, we are convinced that an RFP will be met with very strong response from the private developer community, and have engaged a consultant to conduct an RFP process. Based on the current timetable, the RFP is expected to be released during the second half of March.
We will pursue a similar model to the first phase, with a developer bearing the financing burden for construction of a mixed use [[residential/office/retail) facility and leasing the site from WSU. In addition to the lease payment, the developer is anticipated to lease parking spaces in structure 8 which was constructed to support this development. There was also a TIF district established on the site that should generate significant revenue for the university upon completion of the project.
