Under details City Manager Joshua Smith provided Hamilton City Council on Wednesday, the project would include a $20 million investment from the developer in the 127-year-old facility. The project would include 100 “1+ bedroom apartments,” at least 10,000 square feet of commercial space and 50 indoor parking spaces.
The developer wants the city to buy the property for $650,000 and hold it while Bloomfield/Schon seeks national and state historic tax credits and a new type of incentive called Transformational Mixed Use Development Credits. If the developer lands those credits, the city would sell the property to the developer for $1. Smith in a report to council said the project would improve what now is a four-acre eyesore in a key Lindenwald area.