Mayor Craig A. Moe has announced that Klingbeil Capital Management of San Francisco, California has entered into a contract to purchase the former Laurel Police Department Property located at 350 Municipal Square.
The new development will be the first to use the Revitalization Overlay Area number Six, which is the Patuxent River transit-oriented development overlay area. The intent of this area is to redevelop the properties between Main Street and the Patuxent River, and to reconnect the business district to its river origin. The proposed development will be a mixed-use community of apartment and limited commercial space. Since its passage, the original ordinance envisioned the inclusion of an arts and entertainment district, which has now been created.
One of the unique parts of this project, which is proposed to be called C Street Flats, is that housing, studios and galleries for artists are specifically encouraged.
The complex is included in a number of special districts, which include the State Sustainability designation, as well as the Mayor’s recently approved incentives for business relocation and improvements. State incentives include local business participation in the Department of Housing and Community Development’s Neighborhood BusinessWorks program, which offers many financial programs designed to help local business. In addition to these incentives, the program also includes fee reduction for users in the City’s arts and entertainment District.
Mayor Moe believes that the C Street Flats project will provide a tremendous catalyst toward the arts and entertainment district permitting the development of galleries, shops and residences of Laurel’s arts community, which envisions C Street as its epicenter, and looking at creating performance related venues such as an amphitheater between B and C Streets for outdoor entertainment.
In addition to its potential arts use, the apartments in the project are a short walk from the Laurel Main Street MARC Station, making this an ideal environment for residents, access to local businesses, and both bus and rail transit for commuters.
Jim Callard, President of Klingbeil Capital Management said: “ We are excited to be once again be contributing to the revitalization of historic Main Street, and are anxious to be begin the development of C Street Flats” as an integral part of Laurel’s Arts and Entertainment District and the City’s development of the Riverfront Park.”
The project is slated for hearings before the Mayor and City Council beginning on May 30, 2012, and continuing into June.