If you, like me, thought this looks amazing but wondered about how this will get built: GoTriangle is almost done putting together development agreements with Hoffman & Assoc. to decide how to build and run this building. A summary of the agreements showed up in this document revealed last week and noted that, among other things:
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Hoffman & Assoc. is designing this project and will build it too, but GoTriangle still owns the land and what gets built. How “sub-components” like retail, hotel, and residential units will be built will be codified in the ground lease agreement.
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GoTriangle will lease the property and ground/air rights to Hoffman for 99 years for a rent of $375k/year starting the fourth year. That rent will be 25%, 50%, and 75% of that for the first three years of rent commencement; rent will escalate 2% annually from year 5 onwards.
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Legally, RUS Bus will be built by “RB Vertical LLC”, a special-purpose company that Hoffman created for this project. If you’re digging through public records to learn more about this project, keep this name in mind.
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10% or 20 housing units will be made “affordable” (how much is unclear) for 15yrs after the certification of occupancy is issued.
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The project updates list “Phase 1” of this project’s construction to begin this April. I’m not sure what is Phase 1 and what’s Phase 2, though, since the transit amenities and private overbuilds both appear in the latest sketches and plans.
GoTriangle is also preparing a white paper that summarizes some recent changes to what this project will entail, how long it’ll take, and what it will cost. It doesn’t sound like this involves sexy or scandalous changes, though, since mentioned updates include GoTriangle’s negotiations with the state’s Dept. of Environmental Quality to figure out how to clean up soil contamination and manage erosion.