Downtown apartment development continues

More apartments are slated for downtown Corpus Christi, while the biggest downtown residential project — The Cosmopolitan — should be back under construction by the time this story is in print. In fact, The Cosmopolitan now has a completion date set for 120 days after workers get back up to full speed, which should happen before the first of May.  
Joining the 600 Building as commercial property soon to be remodeled into residential living will be a building on Upper Broadway Street and another on Carancahua. The city’s Tax Increment Reinvestment Zone board recently awarded $655,000 in incentives to Stonewater Properties of Canada for the properties, which would add 86 apartment units to the downtown inventory. One of the projects will include affordable housing, aimed at providing temporary homes for construction workers in town to help build the new Harbor Bridge.
Both buildings are office complexes now sitting vacant. One is at 723 Upper Broadway St. Plans are to turn that one into a mixed-use building that would include ground-floor commercial space with 42 apartment units above. A property at 817 Carancahua St. is slated to become a 44-unit complex of studio apartments, including affordable housing.  
Money for the projects comes from the Tax Increment Refinancing Zone, also known as TIRZ money. TIRZs are one of the few remaining tools local governments can use to attract new business, invest in infrastructure and rebuild blighted areas. Money spent is repaid with future tax revenues generated by increased growth. The legislature approved the TIF act in 2005. The Corpus Christi City Council voted to set up its TIRZ in 2008.
The three entities included in Corpus Christi’s TIRZ are Del Mar College, Nueces County and the city. TIRZ zone 3, which is the downtown area, has raised $2.5 million so far, according to Terry Sweeney, executive director of the Downtown Management District, 
“Anyone interested in receiving TIRZ awards should apply for it,” Sweeney said. “Under the downtown living initiative, a developer is eligible for up to $10,000 per unit.” 
Next step for Stoneware Properties, which owns 15 commercial properties in Corpus Christi as well as developments in Dallas and Canada, is to submit plans for building permits with the city’s development office. 
The Cosmopolitan has overcome its cash shortfall, Sweeney said, and has everything lined up to get back to work before the first of May. Almost done, the project has just another 120 days until completion once work begins again full time. 
Cost overruns just shy of $3 million caused Cosmopolitan developers to go back to their partners for more money. Everyone agreed, and the paperwork has been executed, according to Sweeney. With an end date in sight, Sweeney said the Cosmopolitan would now be able to enter into lease agreements and begin the process of renting out units. That could mean a big boost in downtown development.
“What you’re seeing between the 600 Building and the new projects, as well as the recently announced hospital, is that there’s a growing project pipeline to downtown,” Sweeney said. “I think you’ll be seeing a more vibrant downtown and an increase in new businesses as they see that there are more customers at their doorstep.” 
The hospital Sweeney mentioned is slated for the intersection of Water and Born streets, where a high-end boutique called the Kinney Hotel was once planned. The $23 million project will be managed by Post Acute Medical of Pennsylvania, which also operates a similar facility at the Corner of Cimarron and Saratoga boulevards on the Southside.  
A man prone to putting new ideas into action (see marinaarts.com), Sweeney has more big plans for downtown Corpus Christi as it continues to grow. Within the next 30 days, he said he hopes to announce a bike-share program to be funded through the Metropolitan Planning Organization.