Corinth City Council

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October 19, 2023

Southeast Corinth

• 312-Unit Mixed-use | Approved

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DISTRICT:

Parkway Lofts Corinth Pkwy & I-35E

Southeast Corinth | 13 Acres | 312 Units | Approved

The Parkway Lofts project by developer Realty Capital Residential received mixed feedback from the City Council.

The project consists of 312 multifamily units and some ground floor retail on 13 acres at the southwest corner of Corinth Parkway and I-35E. It was previously approved by Council in August 2023, contingent on approval of the architectural standards.

The architectural standards, including building elevations, were presented by Tate Braun of Realty Capital at this meeting. Council Member Tina Henderson had an issue with inconsistencies between the renderings and elevations - specifically that the renderings showed more variation in materials on the building facades, while the elevations were more monotonous. Hendrick felt the renderings were more aesthetically pleasing.

Braun explained the elevations were the final product, and the renderings were just for illustrative purposes to show a corner of the development. He said they preferred the consistency of materials in the elevations across the entire building.

Hendrick moved to approve the elevations with the condition that they match the renderings where there were conflicts. The motion passed unanimously.

Overall, the project did not receive significant pushback, just some critique on the architecture. The density and use were already approved back in August. Braun emphasized they were meeting the zoning requirements and UDC standards.

No members of the public spoke on this item. The focus was on the architecture.

Developer: Realty Capital, Alex Brown LinkedIn Phone: (414)426-2479 Email: [email protected]

Staff Report: ZAPD22-0010

Project Plans: ZAPD22-0010

Site Plan: ZAPD22-0010

Impact Fees

Citywide General Code | In Review | Approved

The City Council held a workshop to discuss potentially implementing impact fees for new development. This is an important issue for developers since impact fees can add significant costs to new projects.

Key points from the discussion:

• The city is conducting a study to evaluate whether impact fees are justified based on the capital costs of new growth. The study would determine the maximum legal impact fees the city could charge.

• Mayor Heidemann emphasized impact fees should not be viewed as a new revenue source, but rather a way to recover costs of growth. Some council members agreed fees should not exceed the true impact of development.

• However, another Council Member said some fast-growing cities use impact fees as a "growth management tool" to limit development, and he wants to avoid that approach.

• Currently the city relies on property and sales tax for capital projects. With rising construction costs, Council Member Pickens said impact fees could help supplement funding needs.

• The city plans to finalize the impact fee study in early 2024. The council will have extensive discussions before adopting any fees.

• Developers are concerned impact fees will further increase costs and hurt affordability. Fees may need to be phased in gradually.

Overall, the council is still evaluating whether implementing impact fees is the right policy for the city's growth goals.

Staff Report: Impact Fees

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