The developer of a 45-unit project aims to begin demolition of existing buildings along East Cherry Street by next month to allow construction to begin before winter.
Executive Director Leonard Bier briefed commissioners during the Oct. 12 Redevelopment Agency meeting on the status of five-story Gramercy project, which will replace existing two-story buildings at 38-52 E. Cherry St.
DMR Construction is aiming for demolition in November on the four properties with utility shutoff permits already filed, Bier said. The hope is that foundations can be poured soon after, with the building frame erected and sheathed by winter to allow for work to continue through the colder weather. Ideally, Meridia Lafayette would be tenanted by this time next year as The Gramercy nears completion, Bier said.
R2-N2 Properties, LLC, closed on a property swap with the Parking Authority last month and a parking agreement has been executed along with a road service agreement, Bier said.
The 45-unit project only has 23 ground-floor spaces where land use regulations require a minimum of 57 spaces so an agreement with the Parking Authority will allow for 34 spaces at the Lewis Street parking deck to make up the difference. The developer also will contribute toward improvements that will extend Monroe Street across Main Street and through Lot B to East Cherry Street.
DMR Construction, through entities Cherry Street Properties, LLC, acquired the four East Cherry Street properties in December 2014 and presented a concept plan for 33 units by April 2015. A revised concept plan in September of that year offered 44 units before the Planning Board formally approved the 45-unit, five-story application in November.
Ground-floor retail space of 1,215 square feet will include a coffee shop on the corner of Monroe and East Cherry streets. The 45 units will break down as 23 one-bedrooms, 19 two-bedrooms, and 3 studio apartments.
In June, City Council approved a 20-year Payment In Lieu of Taxes (PILOT) for the $10.4-million development.