Lotus Riverwalk Phase 3 land exchange
Proposed exchange of RDA land for about 2.45 acres owned by Lotus to enable Riverwalk Phase 3, with 16 for-sale homes and low-income housing tax credit apartments. The council held a required hearing on conveying six city parcels to the RDA on Nov. 19, 2024.
- Where it stands
- In review
- Type
- Development agreement
- Location
- 18th Street, Wall Avenue and Lincoln Avenue, River Bend Redevelopment Area
- Size
- 4.09 acres
- Applicant
- Lotus 1900 Lincoln, LLC
Every hearing and vote
November 12, 2024 · City Council
Parcel conveyance and land exchange with Lotus 1900 Lincoln, LLC (18th Street, Wall and Lincoln avenues)
Discussed
The mayor gave notice of conveying six city parcels (about 3.5 acres) to the RDA. The administration also proposed trading 4.09 acres of RDA land for 2.45 acres owned by Lotus to enable Phase 3 of the Riverwalk development in the River Bend Redevelopment Area. Community and Economic Development Director Jared Johnson reviewed the housing types, unit counts, parking, environmental cleanup needs and appraised values. Council discussion covered ownership history, open space preservation and timing.
November 19, 2024 · City Council
Public hearing: conveyance of city parcels to the RDA for Lotus Riverwalk Phase 3 (18th Street, Wall and Lincoln avenues) and the Parkway Group project (1820 Washington Boulevard)
Discussed
The mayor gave notice of conveying six city parcels (about 3.5 acres) to the RDA, which would then exchange them with Lotus 1900 Lincoln LLC for about 2.45 acres east of Lincoln Avenue; four more parcels at 1820 Washington Boulevard go to the RDA for the Parkway Group land transfer. The hearing is required by city code and the council took no vote. Heath Satow asked whether concerns would be addressed first and noted an updated appraisal. Teresa Bramwell objected to transferring public land to private developers without requiring for-sale housing. Economic and community development staff said the Beehive Storage property is not part of the trade, that appraisals by Western States Multi-Family Appraising and Consulting arrived that afternoon, and that the city is exploring a First-time Homebuyer Investment Zone to require for-sale units. Staff said the proposal dates to 2022, that Lotus bought the Lincoln Avenue land from a private owner, and that Lotus holds low-income housing tax credit approvals it could lose. Vice Chair White asked why market-rate apartments are not feasible; staff deferred to Lotus. Lotus's Adam Hughes said the Master Plan requires 25 percent of units south of the river be for sale, 16 homes will be for sale, and the plan moves the future park to a more central site. Mayor Nadolski said staff have worked on the project for two years.