The Akridge Company of Washington, D.C., which came forward with its plans for 500 N, Washington St. redevelopment in 2006 before the Great Recession hit, has returned with a reconfigured plan for the site, involving two buildings, one office and one for 200 residences with retail on the ground floor, presented at a joint work session of the F.C. City Council and Planning Commission tonight. The reconfigured so-called “Gateway” project will be 30 percent commercial and 70 percent residential and City Hall fiscal analysis indicates it would bring in from $550,000 to $800,000 in added revenue to the City annually. The presentation was made by City staff with Akridge officials observing in the audience.
However, the Council’s Economic Development subcommittee, chaired by Councilman David Snyder, has indicated to Akridge that it would like to see more commercial as a component of the project despite no evidence in the current economic environment that there is a market for it.