Developers for the Sugar Creek land redevelopment project are holding a virtual informational meeting at 6:30 p.m. Wednesday, Aug. 26.
The Steve Brown Apartments and The Alexander Company are looking for feedback, as they are in the beginning stages of redeveloping the 12.2 acre property between Verona’s downtown and Legion Street. The virtual meeting is held on Zoom.
The preliminary estimated cost of the project is $54 million, and it is expected to take two or more years to develop.
It could require as much as $8.9 million in taxpayer funding to pay for the gap in financing, though representatives for the two companies have repeatedly stated they are confident they can lower that amount. The Verona Area School District is transferring the land to the city in November for $4.5 million.
The 32-page plan for the site shows 236 apartments – 104 meeting federal guidelines to be called “affordable” – plus 10,000 square feet of commercial space, a civic plaza, and a possible children’s museum in the former 102 year old New Century School building.
Six developers originally submitted proposals for the site, and it was narrowed down to two in June, Steve Brown/Alexander and McKenzie Apartments.
Both Steve Brown and Alexander are familiar with building in Verona. Steve Brown is building Market No. 5 near the new high school and owns the apartments behind them. The Alexander Company has a development in Verona’s downtown, in the retail and residential areas that include and are behind Hop Haus and Verona Family Dental.
McKenzie also has a high profile project in Verona, the Siena Ridge apartment complex on the city’s north side.
To log in to the meeting, on Zoom, use meeting ID 966 4858 1626 and passcode 3A=GE0Y4. Or dial in to the meeting with 1-312-626-6799 using meeting ID 966 4858 1626 and passcode 94912366.