UP Town Center proposal gets three submittals

University Place moves forward on its $100 million project to up the city's tax base.

The City of University Place City announced Monday that it has received three responses to its Request for Qualifications for its $100 million Town Center project. The developers that submitted responses are Robert B. Aikens & Associates, LLC of Troy, Michigan; McCaffery Interests of Chicago; and Oliver McMillan LLC of San Diego.

Robert B. Aikens & Associates, LLC has developed these projects: Village of Rochester Hills, Rochester Hills, Mich., Shops at Bay City, Bay City, Mich. and Acadiana Mall, Lafayette, La.

Some of McCaffery Interests, Inc. developments include: The Market Common, Clarendon, Va., Streets of Woodfield, Schaumburg, Ill. and 747 N. Wabash, Chicago, Ill.

Oliver-McMillan Co. was the developer for: The Glen Town Center, Glenview, Ill., Uptown/Hillcrest, San Diego, Calif. and The Lofts, San Diego, Calif.

Facing the prospect of reducing service levels or raising taxes as city financial resources have declined, the University Place City Council voted last month to move forward with its plans to broaden and diversify its tax base by creating a mixed-use neighborhood in the heart of the city.

“The city is delighted by both the number of proposals received and the quality of the developers interested in the Town Center project,” said City Manager Bob Jean. “Any of these three could deliver the quality development we expect. We feel this is a strong validation of our market research showing the feasibility of a project like this in University Place.”

The City Council expects to select a preferred developer next month.

The University Place Town Center is a public/private partnership that includes over300 high-quality residential units, located above approximately 300,000 square feet of specialty shops, restaurants and a parking garage.
The project will include a new public plaza and will be anchored by the University Place Library, City Hall, Public Services Building and Homestead Park.

The city expects that the development will generate over $1.2 million a year in revenue to the city when completed, compared with $45,000 a year currently generated in the area.

Construction is anticipated to be completed in 2006.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Related Stories