The Performing Arts Center Trust approved Thursday two parts of an agreement to sell the PAC parking lot at Third and Cincinnati to an Indiana developer.
One part gives the PAC first option to purchase the property if Flaherty and Collins sells within 20 years. The other spells out which uses won’t be allowed in the proposed 12-story, mixed-use project. Plans call for the development to include 240 apartments and a 32,000 square foot grocery store, likely a Reasor's.
"These were the two most contentious items within the contract, so getting those approved and having both sides feel very good about it ... we feel very positive about the direction we're going," said PAC Trust member Ken Busby.
The trust hopes to approve the rest of the agreement to sell the parking lot for $5.5 million by the end of September. Flaherty and Collins first proposed the project a year ago.
Busby said the trust's only regret is how long it’s taken to get to this point.
"But we have done our due diligence. So, from a public trust standpoint, we feel very positive about the direction because we have turned over every stone," Busby said. "We've looked at everything from every angle to really consider what's best for the city, what's best for the PAC, best for the PAC Trust."
One issue the trust still has questions about is parking. The project will include covered parking, and trust members have always wanted priority for PAC events. At Thursday's meeting, it was mentioned the PAC has priority after 6 p.m. and on weekends, but there are some popular events outside those hours.
