Agenda Information Sheet
DEPARTMENT: Economic Development
DCM: Bryan Langley
Date: May 9, 2017
SUBJECT
Title
Receive a report, hold a discussion, and give staff direction regarding redevelopment of the property at 101 S. Locust Street (Wells Fargo Building).
Body
BACKGROUND
Jack Bell Properties has acquired the four properties associated with the Wells Fargo bank building at the southeast corner of Locust and Hickory Streets: the tower/bank lobby, the ATM lot, and two parking lots.
The developer is considering three redevelopment scenarios:
1. Wells Fargo Building: This option contemplates remodeling the existing building only, to include offices in the basement and on floors 1-3 and 7, luxury apartments on floors 4-6, and an event center on floor 8.
2. Wells Fargo Actual Site: This option would include the existing Wells Fargo building and lots only.
a. remodeling the existing building to include offices in the basement and on floors 1-3 and 7, luxury apartments on floors 4-6, and an event center on floor 8
b. a 70-80 room boutique hotel at the corner of Austin and Hickory streets to include a restaurant/bar, and meeting rooms; because of the smaller site, the hotel would be taller and the pool would be indoors
c. 48 units of multifamily housing in a 4-5 story building; an aerial easement over Austin Street will be required to build a sky bridge (with apartment units above it) over Austin Street to the proposed parking garage
d. a 3- to 4-story parking garage attached to the south side of the hotel to provide parking for Jack Bell Properties sites only
3. Wells Fargo Large Site: This option encompasses the existing Wells Fargo building and lots along with leasing the Williams Trade Square site owned by the City of Denton. Details include:
a. remodeling the existing building to include offices in the basement and on floors 1-3 and 7, luxury apartments on floors 4-6, and an event center on floor 8
b. an 80-100 room boutique hotel at the corner of Austi...
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