Urbana Downtown Residential Development

 

For the first time in over a decade there may be a residential development in downtown Urbana. From last Wednesday's News-Gazette:

Urbana to sell downtown block for $1 in development deal
With the promise of about 42 new townhouse units near its downtown, the city of Urbana plans to sell a vacant block for $1.

The city reached a deal with Green Street Realty to convert the 200 block of South Vine Street into a townhouse-style development that could be completed by May 2020.

The $5 million project would include two- and three-story townhouses, with garages for some units.

The agreement still needs to be approved by the Urbana City Council, and Urbana is hosting an open house at 6:30 p.m. Tuesday at the City Building for the public to learn about the project...

Urbana Mayor Diane Marlin said this is the first residential development downtown since Stratford Residences was built in 2005 at 202 N. Race St...

According to the agreement with Green Street Realty, 100 percent of its property taxes from the increased value of the property will be reimbursed the first year, 80 percent the next year and no property taxes will be reimbursed the sixth year.

The project also sits in Urbana's Enterprise Zone, which means it should be eligible for sales tax exemptions for new construction materials.

Full article here with additional information.