New Castle seeks proposals for town-owned land
New Castle is accepting development proposals for two town-owned parcels in downtown.
Council formally signed off on a request for proposals last week. By doing so, town officials hope to stimulate economic development in the town.
One of the properties, a 7,500-square-foot vacant lot, is located at 600 W. Main St. The other is directly across the street south of the first parcel. Known as the Kamm parcel, the property is 13,750 square feet with a 1,800-square-foot metal building on the western portion of the parcel.
An evaluation commissioned by the town calculated the value of the first property between $19 and $24 per square foot, while the other property was $10 per square foot for the land and $80 per square foot for the building.
Over the past several months, council has discussed ways to use town-owned property to further economic development in New Castle.
Council has said it would like to see mixed-use buildings with offices or commercial space on the first floor and residential units above in the two lots. The request for proposals states council does not want to limit developers’ creativity, but reiterates the end goal of stimulating new construction and new businesses.
Council expressed a willingness to assist with the development, including deferred payment for purchase or leasing the property. Recognizing that impact fees can pose a barrier to development, council also indicated it would be willing to consider deferred payment for things like tap fees.
There was some discussion last week on whether or not the request was too vague. Ultimately, council directed staff to add some language highlighting the town’s zoning and building codes.
Proposals will be accepted until Sept. 30. Council has indicated it would like to see development at the sites completed 12-24 months after the transaction.
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