232 unit mixed-use apartment project proposed for Bank of America property in DecaturThe Bank of America Property. Source: Google Street View
UPDATE: The density increase was approved by the city commission on Sept. 18.
Here’s our initial story …
A developer is asking the city of Decatur to approve a density increase for an apartment development slated for the Bank of America property on Clairemont Avenue.
If the City Commission approves the density increase, developer MCRT Investments would be allowed to construct a 232 unit, six story apartment complex with the stipulation that 29 of those units be affordable.
The Bank of America property would be relocate to the northeast corner of the property in the first phase of the development to allow for construction of the apartments and 25,000 square feet of ground floor retail. The second phase of the project would replace the current Bank of America site with an 80,000 square foot office building.
Chad Dubeau, Senior Managing Director with MCRT Investments, told the city’s Planning Commission that 5 to 7 percent of the units would be studio apartments, 35 to 40 percent would be one and two bedroom apartments and 10 to 12 percent would be three-bedroom apartments. There will be about one dedicated parking space per bedroom and 37 parking spaces for the bank. The development will include a four-level 486-space parking deck, according to documents on the city of Decatur website.
The bank had requested 67 spaces initially.
Dubeau told the Planning Commission that there hasn’t been a traffic study for the project but said the company isn’t opposed to one, according to the Planning Commission meeting minutes. When asked about the trees on the property, “Dubeau stated that it is unlikely that the existing street or site trees would survive development,” according to the meeting minutes.
Former Decatur mayor Bill Floyd, who is currently a member of the city’s Downtown Development Authority, spoke in favor of the project during the Planning Commission meeting, minutes show.
According to the minutes, “[Floyd] stated the city and the DDA have been trying to encourage redevelopment of the property at 163 Clairemont Avenue for 15 years and negotiations with a long-term lease holder have been difficult. He stated the development team has worked very hard to negotiate the terms of the lease with the bank and optimize the site’s potential. Mr. Floyd stated this is a key property and gateway into downtown Decatur. He added that despite the successful negotiations thus far, the current project remains fragile and any additional conditions of approval that would effect the bank’s site design could stop the project altogether. He asked the Planning Commission to be cautious and conscientious of the history.”
The City Commission meets at 7:30 p.m. on Sept. 18 at City Hall, located at 509 North McDonough Street. All meetings are open to the public.
Here is the agenda, with attachments: