ST. CHARLES ? The Planning and Development Committee on Monday considered a 331-unit rental complex proposed for far western St. Charles that got the Plan Commission?s recommendation last month by one vote.
The committee was still taking public comments at press time.
JCF Real Estate wants to build 15 three-story residential buildings on about 22 acres originally approved for offices. The Corporate Reserve housing complex would also have 526 off-street parking spaces and a fitness club with indoor and outdoor social spaces and a 24-hour gym.
Previous plans called for 407 units spread among 14 buildings.
Paul Robertson of JCF Real Estate said a market study indicated that 15 to 17 units should be rented out per month, but 4th Ward Alderman Jo Krieger expressed doubts of the proposal?s viability, noting that many developments in and outside the city have gone belly up.
?What makes you think that this is going to work, and do you have financing in place?? she said.
Robertson said banks won?t commit to financing without the project?s approval and JCF is confident the rent will be achieved.
?We believe there is sufficient demand with that income profile to lease up 331 units,? he said.
Fifth Ward Alderman Ed Bessner kicked off a series of questions and comments from his colleagues about the complex?s lack of affordable housing and the developer?s request to contribute only $50,000 to the Housing Trust Fund.
Robertson said that was because of a combination of economics and response to previous feedback.
Other aldermen noted a residential use for that area conflicts with the comprehensive plan.
?The comp plan is there for a reason,? said committee chair Cliff Carrignan. ?What I?m hearing is the market changes. I get that, but apartments seem to be the flavor du jour.?
The Plan Commission recommended approval in a 4-3 vote in June. Density was the basis of the dissenters? objection.
In other news, for the sixth time since 2010, the St. Charles City Council granted a construction extension for Phase III of the First Street redevelopment project ? this time giving the property owners nearly 10 months to begin work.
The past four extensions have been less than three months.
Phase III would develop the riverfront along the Fox River?s western bank. Plans include the River Loft in the former Blue Goose location and the River Terrace in the former Harris Bank drive-thru site. A third building is also planned at 1 W. Main St., home of the former Manor Restaurant.
Because construction has not yet begun, the final plat for the phase was slated to expire today. A lapse would have meant the Plan Commission and City Council would have to once again review and approve the PUD preliminary plans.
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Source: http://www.kcchronicle.com/2012/07/16/st-charles-committee-considers-new-rental-complex/aosr0wm/
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