Monday, January 17, 2011

Riverfront road closure allows The Banks work to progress

Provided.  (The Banks Public Partnership)
Theodore M. Berry Way between Vine (Rosa Parks) and Elm streets has been permanently closed to traffic to allow for construction of Freedom Way West, the remaining section of the main commercial street of The Banks project Downtown.

The street closure also will allow for the demolition of the temporary street, resulting in the creation of 330 interim surface parking spaces. A parking structure eventually will be built on the site.

Rerouted traffic will not affect any Metro or TANK bus routes.

Freedom Way West is scheduled to open this fall. Freedom Way East, between Joe Nuxhall Way and Walnut Street, is scheduled to open in March.

Currently under construction, Phase 1A of The Banks will include 300 luxury apartments, 96,000 square feet of retail and restaurant space, and public parking.

Earlier this month, the master development team of Carter and The Dawson Company announced that approximately one-third of the 32,000 square feet of first phase retail space has been filled, revealing that Holy Grail Tavern & Grille, Huey's 24/7 Diner, La Crepe Nanou, and the Wine Loft have signed on to join Toby Keith's I Love This Bar & Grill in the development.

At full buildout, the 3 million-square-foot, $800 million project is expected to include up to 300,000 square feet of Class A office space, up to 1,800 residential units, a boutique hotel, and a 1,600 spaces of structured parking. Estimates are that the project will drive $600 million in private development and attract more than 3,000 residents to the riverfront.

Previous reading on BC:
Council approves $10M in Banks bonds (6/22/10)
24-hour police welcoming center slated for The Banks (5/17/10)
Banks developers create new website, branding (4/27/10)
General contractor selected for The Banks (11/9/09)
Stimulus funding for The Banks moves up schedule, costs (6/17/09)