One River Plaza seeks extension for final plan

Developers of the One River Plaza project are seeking a one-year extension to allow them more time to complete a final development plan.

The extension is necessary because their concept plan for the site and the creation of its planned development district (PD-41) are set to expire on January 11, 2008, two years after they were approved.

Developers Miller-Valentine Group and the Gregory family announced in early November that they planned to add two more floors to each tower, making them both 15 stories high.

If the agreements are not extended, the zoning for the site would revert back to Downtown Development Subdistrict C, throwing the compatibility of the portion of the site north of Pete Rose Way into doubt and making the developers' vision of pedestrian connectivity much more difficult to achieve.

The $143 million One River Plaza project will include 150 condominiums, two restaurants, a parking garage and a public plaza on the former site of the Montgomery Inn Banquet Center.

Units within the two condo towers, which are already well into pre-sales, will range from $400,000 to several million dollars.

The City Planning Commission will consider an extension to January 11, 2009 at their meeting today.

A final development plan must be approved by the City Planning Commission and City Council before construction can begin.

Previous reading on BC:
City grants One River Plaza developers access to L&N Loop (7/13/07)