Tuesday, April 29, 2014

Cathedral Redevelopment Plan (“Master Plan”) Update

Escrow Closes on Nutmeg Lot

For more than ten years, St. Paul’s has been in the process of developing two parcels of land adjacent to the Cathedral in order to improve our campus and neighborhood and to support our mission and ministry. North of the Cathedral is the “Olive” property, which includes the Park Chateau apartments, a small parking lot, and the existing Cathedral administration building. South of the Cathedral is the vacant “Nutmeg” lot. To facilitate this long term project, the “Nutmeg and Olive LLC” was formed to oversee the development and sale of the properties. Goals of the project, frequently referred to as the “Master Plan,” include expanded office and program space, additional parking, redeveloped campus and courtyard, and a financial endowment for mission and ministry.

The LLC is pleased to announce that last month, escrow closed on the "Nutmeg” lot. After ten years of working with several developers and obtaining development entitlements, the successful sale has enabled the LLC to pay off all indebtedness incurred during the entitlement process. Work continues on some tax and accounting issues, so it is still premature to announce a figure for the net profit from the sale. We are also happy to report that the LLC has repaid the initial contribution of $100,000 made to it from Cathedral enduring funds at the outset of the project. Watch this space for more information about the progress of the Master Plan as the LLC continues to work with the Dean and Chapter regarding next steps. We plan to present a forum sometime this summer to bring everyone up to date on this vitally important project. We also want to thank the members and friends of St. Paul’s who joined us at so many meetings in support of this effort; without you we would not have reached this point.

For more information or questions, please contact Ken Tranbarger, President of Nutmeg and Olive LLC, at ktranbarger@mac.com

2 comments:

Laurie G said...

Thanks so much Ken, and to Chapter and the LLC members who have been working so hard on this project for so long! Great work!

John Suhr said...

Who's the developer? The architect? What is the exact plan? What was the sale price? Will there be any profit and if so how will it be distributed?