There soon may be an influx of downtown residents, if plans are approved Thursday for a five-story, 125-unit apartment complex at 300 4th Ave. S.
According to the proposal, there will be 40 "market-rate" units and 85 senior units financed with affordable housing credits.
Estimated cost for the project is between $8 million-$10 million, and according to city documents, it would generate $125,000 to $175,000 in tax increment revenue annually, because the property is located within the Intown Redevelopment Plan.
Sitting as the community redevelopment agency, city council will consider the proposal during Thursday's council meeting.
Called the Urban Edge, the apartment complex is described as:
"The project is comprised of five separate buildings. Building 1 and 2 are aligned with 4th Avenue South and 3rd Street south respectively and will house the market rate units. Building 3 and 4, which align with Delmar Terrace South and Building 5 that connects building 1 and 4, will contain the affordable senior units. All of the building will be arrayed around an interior courtyard ... The first floor of each building is reserved for 133 parking space."
The project would also include, according to the proposal, retail space in at least two of the buildings.
In the last year the redevelopment agency has approved more than 1,100 new units in downtown. If the new proposal were approved, that number would climb to more than 1,200.
City staff is recommending approval to council. According to city documents:
"The project is well-designed and integrates classical design themes and features on all segments of the building. Breaking the four elevations into building bays diminishes the building mass, and the use of classical architectural vocabulary throughout gives the design interest and coherence."