The developer is proposing a change to the plan by building a second building and providing for possible future density on the site.
It retains the two 5-story buildings but rearranges them and the parking garage on the site. The second and third buildings are proposed to be 140,000 and 160,000 square feet, respectively, and the garage increases in size from 4 stories and 570 spaces to 6 stories and 1,300 spaces.
According to staff, the applicant estimates their next building at 4500 River Road on Lots 15-17 will generate approximately $185,000/year in property taxes to the City of College Park. The following three buildings per their revised plans would generate approximately $555,000/year for the City in today’s dollars.
At tomorrow’s meeting, the Council will discuss the proposal and consider approving a letter with city comments.
