A $40-million redevelopment project surrounding Bishop and Ninth could create a connection between Bishop Arts and Jefferson Boulevard.
Farrokh Nazerian and his son, Michael, acquired 32 parcels of land near Bishop Arts, which they’ve been holding for about a decade and now are set to move on creating apartments, shops and restaurants there.
The project is expected to expand the perceived Bishop Arts area further into the surrounding neighborhood and create an inviting walk or bike ride between Bishop Arts and Jefferson where Jim Lake Cos. is redeveloping the Jefferson Tower.
Here are seven things to know about the Nazerian project:
*The project’s first phase is bounded by Bishop, Melba, Madison and Ninth.
*About 200 apartments and a two-story underground parking garage are planned for the first phase of development.
*In 2010, the Nazerians received a $2 million grant from the city to buy some of the property.
*The developers are seeking a second $2 million economic development grant from the city to complete the project.
*The Nezerians are seeking $5 million in Tax Increment Financing to complete the project’s $40-million first phase.
*The project does not lie within in a Tax Increment Financing area, and the city is considering expanding the Gateway TIF District to include the project.
*The project could have buildings as high as five stories under the current zoning.
