By next summer, the City Council will likely have a clearer picture of what a three-acre site in downtown between Fourth and Fifth streets, south of Arizona Avenue, could look like.
The 127,000 square feet of city-owned property are to be developed by one of three teams, who if confirmed by the council Tuesday night, will submit proposals for the site by the spring.
City planning staffers are recommending development teams led by Forest City, Metropolitan Pacific Capital and Related California, which is the same company building a $350 million retail and housing project across from City Hall.
As a part of its request for site proposals, the city will ask the development include, at least 339 public parking space to replace parking that will be lost when Parking Structure No. 3 is demolished.
Additionally, there should be ground-floor retail, restaurant and "cultural uses" that "animate" the area and "contribute to the pedestrian experience and a mix of uses such as retail, cultural, office, hotel and residential that " maximize market feasibility and create an anchor for the northern portion of downtown," Economic Development Manager Jason Harris wrote in a report in a report to the council.
The 12 parcels that comprise the site were purchased by the city between 2007 and 2010. They're currently occupied by banks with leases that expire in 2022 and 2026, and three commercial tenants whose leases expire on Dec. 31, 2012.
The area will change dramatically in the coming years.
At Fifth and Arizona, the Main Post Office will be closed and sold to a private owner, and at Fourth and Arizona, the city is looking to build a new AMC movie theater where Parking Structure No. 3 stands today.
According to Harris' report, the Request for Proposals will be released by the end of the year. Then, the development teams will get approximately three months to prepare their proposals.