Issue link: https://newsleader.uberflip.com/i/316941
"It depends on the credits they will request," said Chapdelain. "This will be a $20-million, mixed-use property that isn't on the tax rolls today." Two alleys are involved in the proposed development. An east-west alley bisects the property. Under the proposed terms, it would be vacated (but not sold) so Kauffman could use it. "If approved, there will need to be a vacation for the east-west alley to unify the property and obtain the density," explained Chapdelain. A second north-south alley on the east side of the property would have "an encroachment easement" for the building next door; the alley would be used for parking. The western half of the Rosemary proposal would feature retail and commercial space around the square and 40 rental units above it. The eastern half would incorporate a boutique theater, either for live performances or for a movie house that would show independent and foreign films, plus a small parking garage. Kauffman said that if the project were built all at once, as he favors, he might not need use of the alley to the east. But if the theater and parking structure came later, he would need use of that north-south alley for access to the site. Kauffman's attorney, Brenda Patten, said the "encroachment easement" could be revoked by the city in 30 days if necessary. "I can't sit here today and say we will build this without using that alley. I looked back over the last two years, and we are moving very slowly on this," added Kauffman. "We would love to do it immediately, if we can nail down this agreement." Kauffman put the commission's decision in stark terms. "If you want to sell this land and get cash out of it, do it," he said. "If you have the vision of what this [project] can do for the greater area and the profit you will make from all the other land going up in value, that's what you should do." Architect Jonathan Parks pounded the point home. "You can either jump now or wait." HOW AFFORDABLE? An old chestnut was dragged into the fray when Chapman asked, "What's the price point for the rentals?" "Market rents. These will be as small as 500 square feet to 1,100, a mix of studio, one- and two-bedrooms," said Kauffman. "I don't know what it's going to cost yet; $1.50 per square foot per month?" The Rosemary Square proposal presented to city staff in October 2013 featured the above cover. Image courtesy City of Sarasota Sarasota News Leader May 23, 2014 Page 42