Commission Agrees to Enter Negotiations on $40M Aggieville Development - 1350kman.com

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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.

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Vilkanskas says the estimated property tax impact could reach between one and two million dollars annually plus another 413 thousand dollars in sales taxes.

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Vilkanskas also projects 700 jobs to be created with the project. After Commissioner Aaron Estabrook raised a question about filling those positions, assistant city manager Jason Hilgers said there is more interest in the city than has been seen in the past 20 years.

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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.

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But Commissioner Mark Hatesohl countered with the viewpoint that because of the projected job creation with the office space, it’s a simple choice.

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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.

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Commission Agrees to Enter Negotiations on $40M Aggieville Development - 1350kman.com
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