City Center Project to go before citizens advisory committee
The Carson City Center Citizens Advisory Committee will be presented Monday with a report by P3 Development showing results of a feasibility study for the proposed
$87.3 million downtown redevelopment project behind the Carson Nugget.
According to the report, the project is feasible, and “has the greatest chance of success from a financing standpoint through a public/private partnership.”
The project, which has sharply divided the community, has been touted by some as the key to the city’s economic turnaround. It is seen by others as a poorly timed proposition when the city cannot afford to be taking risks with public funds.
A development budget of $87.3 million has been prepared by P3 with $30.9 million of public investment and $56.4 million in private investment.
The public portion of the project would include a library, public plaza, infrastructure, parking garage and transit hub.
The private development opportunities determined to be the most feasible are a hotel with 125 rooms and 5,000 square feet of meeting space, and an office building of about 50,000 square feet with tenants to include the Carson City Business Resource and Innovation Center, a business incubator, retail and other general purpose office space.
P3 also determined that if the Carson City Board of Supervisors approves the project by the end of December and negotiation agreements are signed, construction could start as early as next spring or summer and be completed within 32 months. In addition, the city would not need to make its first lease payment until 2015.