The owners of the land near McCutcheon and Eager roads, where Manhassett Village apartments once stood, are planning to build a new Manhassett Village, to be completed in four phases between 2015 to 2022.
The property is on the north border of Brentwood Forest. The development will be all rentals.
Draper & Kramer, Inc., of Chicago, have owned the property since 1939. The Richmond Heights City Council voted to blight the area for the purposes of real property tax abatement at a recent meeting.
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Draper & Kramer requested 100 percent tax abatement for the first 10 years and 50 percent abatement for the next 15 years for the project, which is the maximum allowable by law. The city agreed to 70 percent abatement for 10 years.
Phases 1 and 2 are be completed by 2016, and would total 321 units. Phase 3 consists of 240 units to be completed in 2019. Phase 1 is estimated to cost $50 million.
Phase 4 is planned to be an approximately 240-unit, 12-story building, estimated to be completed in 2022. These would be considered high-end. Project details are at Richmond Heights City Hall.
New buildings look ugly. I like the way Brentwood Forest looks a lot better.
Oh great.. Biggest mistake was to buy in Brentwood Forest. Along with the stupid rental cap policy, now we needed the new competition! Is there really a shortage of rental units in this area???
Can anyone remind us why Manhassett Village went away in the first place? I thought the property was needed for the new Borders/REI shopping strip and/or for I-64 expansion.
Although the property is located within the Richmond Heights city limits, my understanding is that it sits within the boundaries of the,Brentwood School District. Can someone confirm this and also provide some detail on how the tax abatement will impact additional funding for the Brentwood School District?
The Chafford Woods residents were told these are rental apartments. Doubtful rentals will help Brentwood Forest. Property values are negatively affected by foreclosures. The theoretical concept of “Rental caps” traditionally bolster owner occupation, and value stability, and do everything to assist values, not the other way around.
It will be nice to see some activity on that parcel at long last. Here’s hoping the “rising tide raises all ships” concept helps with Brentwood Forest property values. I believe they have been hampered by the association’s rental cap.