HUTTO – Developer MA Partners and the city staff have re-negotiated an agreement for developing the Co-op District (420 State Highway 79) with a new twist – a provision to give the land back to the city if a specific construction deadline is not met. The new terms were approved by the City Council at the May 4 meeting.
“Generally speaking, in nine months, the parking garage should be going vertical, and if it’s not, (MA Partners) have committed that they will donate over all the remaining property in the Co-op to the city. That’s how confident they are they will be able to deliver on the parking garage and everything else that’s associated with it.” said City Manager James Earp.
A completed parking garage is necessary for the opening of Jack Allen’s Kitchen, a planned multi-story professional office building, retail shops and multifamily housing. Earp said much of the development hinges on having the garage completed.
“This gets back to what the people just really want. It’s got a huge penalty, but as long as you build the garage, which kind of triggers everything else, then in my mind, everything happens like the public wants,” said Mayor Mike Snyder.
The contract is the product of months of negotiation since the City Council threatened to hold the developer in default in November. At the time, city leaders were concerned about how long the development was taking and the types of businesses being suggested as tenants.
The new agreement includes a provision that MA Partners will recruit businesses in line with the city’s vision of the property as a mixed-use entertainment and destination venue, according to Earp. Top Notch Burgers opened earlier this year in the Co-op.
“Another thing that’s exciting in this agreement is they are transferring the ownership of the Gin site back to the City.
Basically, today it is a covered pavilion. The main thing is the city will have control of it,” Earp said.
MA Partners has committed to opening the splash pad, the Town Green area and the stage to the public by Memorial Day weekend. The city is relocating its annual Sunset Block Party Bash to the Town Green May 26 to kick off the opening.
