Developers Seek Latitude in Main Street Construction
Date Posted: October 29, 2024
Posted In: Projects,
From West Newsmagazine: Wildwood is hoping to negotiate with the developers of a Town Center project in an effort to get Main Street built.
TB Realty and Benton Homes are seeking a zoning change for the Latitude N38 – 55 detached and attached single-family rental homes on 6.9 acres at the southeast corner of Eatherton Road and Crestview Drive.
Developers say the feasibility of that project is at risk if they are required to fund or construct improvements to Main Street along the site’s frontage.
Wildwood’s Main Street has a requirement for developers to contribute funds through a special escrow account to help cover the cost of the roadway’s construction. Latitude N38 is located directly west of where Main Street currently ends. TB Realty and Benton Homes have requested relief from participation in the escrow.
The city has offered some options for the developers to consider, including increasing the number of units allowed, allowing Traffic Generation Assessment (TGA) fees to be credited to the developers and offsetting a part of the construction cost of a portion of Main Street.
As to the first option, the developers said they are not seeking additional lots.
Under the second option, the TGA fee would be credited to the developers and offset part of the construction cost of a portion of Main Street. This credit would eliminate a charge of approximately $158,000.
Lastly, the developers have agreed to dedicate 40 feet along the site’s Main Street frontage for its future construction rather than the required 20 feet. For this, the city would compensate the developer for the extra 20 feet; the developers estimate this credit to be approximately $105,000.