by Matt Johnson, Staff Writer
The Normal Town Council approved a $21.5 million apartment development agreement with Normal Flats LLC on July 15.
The apartment complex will be called Flats III and located at 709 S. Main St., located between 707 Liquors and the Edge apartments.
It is part of the development which includes two existing Flats buildings south of Osage Street between Main and Kingsley streets.
Sally Heffernan, assistant to the city manager, said Normal has been working with the developers of this project since last fall. The estimated cost of the project is $21.5 million. This includes architectural, engineering, building construction, furnishings, landscaping and parking lot costs.
“An estimated $1.8 million in property taxes assessed on the development and paid by Normal Flats LLC over 10 years will be returned to them through a Tax Increment Financing agreement with Normal,” Heffernan said. “The remainder of project costs will be borne by the developer.”
Flats III will consist of six stories. The ground floor will be used for retail purposes and the remaining five floors will be apartments. A total of 100 apartments will be on the premise.
The apartments will be a mix of one to four bedrooms. Flats III is estimated to hold 250 inhabitants with furnishings and amenities similar to Flats I and II, and will be constructed around a center courtyard with a deck accessible from the second floor.
Mayor Chris Koos commented on the new parking available for tenants at Flats III. A total of 76 on-site parking spots, 53 of which will be beneath the building, are to be constructed. Also, parking east of Main Street will be leased to tenants.
The developer for this apartment complex is Normal Flats LLC which includes as investors Tartan Realty. Tartan is responsible for a number of developments in Bloomington-Normal including apartments and retail.
The new complex could provide positive growth for Illinois State University and Normal.
“The development of multi-unit student housing with designated parking near campus has several positive outcomes to Normal and ISU,” Heffernan said. “Reducing the need for vehicles helps alleviate parking in residential neighborhoods near campus and alternative modes of transportation promote Normal’s vision of community-wide sustainability.”
Fences have been erected on the site and construction on Flats III will begin upon issuance of building permits. The estimated time of completion is August 2014.