Beth Duckett
The Arizona Republic
Sept. 3, 2007 02:42 PM Picture this: A $140 million expanse of condo lofts, restaurants, shops and a 12-unit cinema in the heart of Fountain Hills.A local investor wants to make it a reality by transforming 13 acres of commercial land south of Avenue of the Fountains into a “Kierland Commons-like” venture.
Two years after a developer abandoned like-minded plans for the site, local businessman George Kasnoff and a developer have come forth with plans to enliven the vacant corridor.
The dusty land bordered by Town Hall near Saguaro and Palisades boulevards has remained untouched, but not forgotten.A previous proposal for the site from developer Ray Olmscheid died after he failed to submit an application, said Fountain Hills spokeswoman Katie Decker. That project included a 14-screen movie complex, luxury condos and more than 140,000-square-feet of retail. Fountain Hills has no commercial movie theater.
The empty land in the middle of town has always been a hot issue.
“This development needs to perk up the feeling of a ‘downtown’ for our citizens,” said Town Manager Tim Pickering.
He said a “wide variety of retail establishments” should be part of the project, including “an appliance store, electronic store and book store.”
Connections to Fountain Park The town could maximize open space by expanding pedestrian connections to nearby Fountain Park, residences and offices. Following a series of meetings with Kasnoff and his crew, the town’s Planning Department is awaiting formal applications from the developer.
The project – which would be nearly half residential – needs variances and special use permits. Current zoning for the site has a 40-foot height limit, officials said.
The developer wants $9.2 million in economic incentives from the town to build a 600-car parking garage and surface parking, install sidewalks, a traffic light and streetlights, as well as waiver of commercial permit and development fees, officials said.
Sales tax rebates would only be for public infrastructure. So, where would the money come from?
Voter-approved bond could help A possible bond on the November 2008 ballot could double the town’s secondary property tax rate, officials said. “That would all have to be figured out if the citizens approved the bond. But this is a very legitimate concern, and the funds would have to come from somewhere,” Decker said.
Pickering said, “Any financial investment made through taxpayer dollars must provide a reasonable return.”
“The town has less than 1 percent of its current land available for commercial use, and citizens need to know this land will continue to provide revenues for the future,” the town manager said.
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