St. Joseph City Commissioners have approved the sale of a downtown parking lot to a developer to make way for a new 100-unit, mixed use residential and commercial space.
At their regular meeting on Monday, commissioners heard from Peter Rienks of the Rienks Group, who has proposed a $55 million complex to include 32 condominiums, 68 market-rate apartments, commercial space, a courtyard roof deck, greenspace, and 157 parking spaces at the corner of Lake Boulevard and Broad Street.
The Rienks Group would purchase the parking lot as well as an adjacent privately-owned lot for the development to be known as The Marquette on Lake Boulevard.
Rienks told commissioners the plan has been developed with a keen eye on the needs of downtown St. Joseph, using classical architecture intended to blend in with many of the buildings there now. He added the project specifically includes apartments so the people who live at The Marquette are full-time residents.
“We need to help the seasonality of St. Joe, and bringing those 68 apartments, which might be 100, 120 residents downtown every single day, sleeping there, is going to help all of our local businesses, our restaurants, gas stations, and grocery stores.”
No short-term rentals will be allowed in the development. Commissioner Michael Fernandez said this meets many of the city’s needs.
“It is such a better use of space than a vacant parking lot that will serve to only enrich our downtown,” Fernandez said. “That added investment will lead to more things that we can do beyond just the downtown.”
City Manager Emily Hackworth noted a housing study has shown the area will need 900 new housing units in the next five years, adding the proposal conforms to the city master plan.
During public comment, the majority of remarks from residents and business owners were supportive.
Hackworth said the sale price of the city-owned lot is $700,000, the amount for which it was appraised. The sale price for the adjacent, privately owned lot has not been released.
Commissioners approved the purchase agreement, although there will still be a few more steps to complete the sale, like the approval of a site plan. If brought to fruition, The Marquette would be the fourth tallest building in downtown St. Joseph with rents up to 120% of the area’s median income.
