SomeraRoad Inc. is nearing the starting line for its $526.7 million “live-work-play” redevelopment of the central West Bottoms, well over two years after it first began assembling properties throughout the neighborhood.
The New York developer is moving forward with final capitalization for its first private projects, while wrapping up remaining design and planning work, following the City Council’s approval of a 26-acre tax increment financing (TIF) plan in late March. Under the plan, the city will spearhead an expected $42.3 million in public infrastructure and green space, serving both SomeraRoad’s site and others around it. The plan also includes $8.3 million to support affordable housing within the redevelopment.
Over the next 15 years, SomeraRoad’s phased plans call for more than 1,200 apartments; 168,000 square feet of offices, 100,000 square feet of retail space for local and national retail tenants, 50 boutique hotel rooms and other community gathering areas.
