A local developer is proposing an estimated 40-million dollar project that would supplant the parking lot at 12th and Laramie in Aggieville, and will begin negotiations with the city on a final plan after getting City Commission approval Tuesday night.
Back 9 Development’s T.J. Vilkanskas noted that the proposed retail, office and residential space would cost the city nothing, other than selling off the parking lot for one dollar.
Vilkanskas says the estimated property tax impact could reach between one and two million dollars annually plus another 413 thousand dollars in sales taxes.
Vilkanskas also projects 700 jobs to be created with the project. After Commissioner Aaron Estabrook raised a question about filling those positions, deputy city manager Jason Hilgers said there is more interest in the city than has been seen in the past 20 years.
The bulk of the block is currently taken up by a city parking lot and the developer would purchase it for one dollar. Commissioner Linda Morse say’s that’s a non-starter for her.
But Commissioner Mark Hatesohl countered with the viewpoint that because of the projected job creation with the office space, it’s a simple choice.
Commissioners voted 5-0 to move forward with the pre- agreement. Back 9 has set a timeline of being open for tenants by April of 2024 if the project moves forward. The developer paying a five-thousand dollar fee annually for the rights to put the project together and present to the city.