The board believes the project will lead to exciting new development, more visitors to Aggieville, new revenue streams for the City, and a new parking garage to help solve a chronic Aggieville parking challenge. The Midtown project will feature 100,000 square feet of fully customizable retail, office, and residential space, featuring an outdoor terrace, onsite restaurants, controlled and secure access, hotel, parking garage, and superior amenities. The Aggieville Business Association has supported the project as well.
Back 9 Development is leading the project and is proposing two private redevelopment projects located within the Aggieville TIF district near Midtown and the Handi-Corner site at the intersection of 12th Street and Laramie Street. Back 9’s proposal includes a parking garage funded with TIF revenue from the private developments. Revenues identified in the amended TIF plan will be generated from the proposed development at Midtown and Handi-Corner -- revenues the City is not currently receiving.
Midtown is designed to integrate into the urban fabric of Aggieville, honoring Aggieville’s history while looking toward its future. Midtown will bring an eclectic vibrancy, diversity, and excitement to Aggieville that is uniquely Manhattan. However, maybe even more importantly, the funds generated from the mixed-use building will be put back into Aggieville to help complete the original Aggieville Vision in a timelier fashion than would happen without the project. Officials say as much as $25 million could be generated for Aggieville from Midtown.
While there have been some obvious hiccups along the way, we believe the best way for Manhattan to move is forward. The project will add to the economic vibrancy of the district in terms of jobs, visitors and patrons. Without the project, implementation of the vision may languish and create an even longer disruption for merchants.
We look forward to continuing the dialogue with the project slated to be heard by commissioners on Dec. 19.