Developer Peter A. Pappas, who wants to redevelop the 5.2-acre site of the Charlotte Regional Realtor Association, has reduced by about $800,000 the amount of tax dollars he wants to go toward the mixed-use project.
Late last year, Pappas proposed that the city of Charlotte and Mecklenburg County reimburse him $4.7 million in exchange for his building new streets in and around the development, moving water and sewer lines, building part of a greenway and improving the park.
Some City Council members questioned whether the public should spend that much money for a project that’s in an affluent area near uptown, just outside the Interstate 277 loop.
The developer’s latest proposal calls for the city and county to reimburse Pappas Properties $3.9 million for similar infrastructure.
The City Council’s economic development committee will review the proposal Thursday.
Pappas has proposed building office space, a hotel, ground-level retail and 172 apartments on the site.
His plan would impact Pearl Street Park, which is adjacent to the site. Pappas Properties has said that under his plan the entire park would be expanded from 9 acres to just under 10 acres.
While the park would grow, part of the park that’s used for soccer fields and a baseball diamond would become part of an extended new street, Pearl Park Way, which would connect to Baxter Street.
Pappas Properties has also asked the city to abandon Greenwood Cliff Road and turn the land over to Pappas Properties. Part of the $3.9 million would be used to move water and sewer lines under the road.