BFC Partners is planning to replace a one-story retail plaza at William Street and Jefferson Avenue with a seven-story mixed-use building. BFC Partners purchased the under-utilized Towne Gardens retail plaza for $1.35 million last year. The new building will include 310 residential apartments and 30,000 sq.ft. of commercial and “community-focused” space.
In March, BFC Partners, The NHP Foundation and St. John Fruit Belt CDC purchased Towne Gardens located at 440 Clinton Street behind the plaza. The housing complex was purchased out of foreclosure from The Federal National Mortgage Association (Fannie Mae) for $21.7 million. The 360 residential units in the project-based Section 8 community are slated for revitalization, with a total development cost of $120 million.
While work on the Towne Gardens apartments commences, BFC Partners is taking the first steps for redeveloping the plaza by seeking Planned Unit Development zoning for the site. BFC is working with Carmina Wood Design on the project. Design plans for the building have not been released yet.
From the project application:
The Project will be constructed in two phases. The first phase will consist of the entirety of the commercial construction, plus the construction of 150 residential units. The second phase will then complete construction of the remaining 160 residential units.
The residential portion of the Project will deliver much-needed housing density to the area, offering modem apartments with amenities designed to improve quality of life. These include a children’s playroom and lounge space to encourage family-friendly living and tenant interaction, a fitness center and central laundry facilities to enhance convenience and wellness, indoor long-term bicycle storage to promote sustainable transportation options, and on-site office management to provide support and services for tenants.
The commercial space in this development is designed to meet critical needs and support local growth. Over 17,000-square feet of ground floor space will be dedicated to essential neighborhood retail services that this area currently lacks. This space would be ideally suited for a large tenant, such as a grocery store, but other critical services such as pharmacies, medical facilities, or childcare will be prioritized for leasing. The Project also proposes 8,000 square feet of commercial retail space that will support mixed-use operations and community engagement opportunities. Finally, a 6,000-square-foot community outreach space will be dedicated to essential services and programming, designed to directly engage with the 360 existing apartment units to the south of the Project.
Unfortunately a McDonald’s at the William/Jefferson corner under separate ownership will remain. 134 parking spaces are proposed in front of the building, an increase from 116 spaces provided today. The project also includes the rehabilitation of existing parking lots to the rear of the proposed building, which will provide 40 and 41 parking spaces, respectively.
