This project is expected to net a profit to the city of approximately $5.4 million over a period of 30 years, according to council documents.
As part of the agreement, the city would also be provided a four-acre lot, at no cost, for the purpose of developing the site to attract a full-service restaurant or brewery-type establishment, documents show.
The planning commission in February recommended approval of a rezoning request and basic development plan for the Metropolitan Holdings project, which was subsequently approved by city council in April.
Planning commission then approved a detailed development plan in July, and the passage of Monday’s resolution by council would give the developer the final green light to move forward with the project.
The residential development, which will be called Reverb, will offer 1- and 2-bedroom apartments, along with an amenity package for resident access to a pool, outdoor kitchen, and gathering areas, according to planning commission documents.
Metropolitan Holdings is also the developer of nearby Parkview Apartments, located less than a mile to the east, near the intersection of Executive Boulevard and Brandt Pike.
City officials heard concerns from residents in the neighborhood located just north of the proposed site, with some worried about visual and noise impacts. The project property is referred to in planning documents as the Newbauer site and has long been vacant agricultural land.
Documents show the developer has proposed “substantial landscaping” along the northern property line to help mitigate these concerns.
A similar residential development has been proposed on a neighboring Executive Boulevard property.
In November 2022, council gave approval to Horizon Line Development/RHM Real Estate Group to construct a 530-apartment complex on a section of land that also includes plans for commercial development at 7125 Executive Blvd., east of the Reverb project site.
Chodkowski said during the Aug. 8 council work session that planning commission is expected to hold a final vote on this project’s development plan in September.
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