CHARLESTON, W.Va. - The Charleston Urban Renewal Authority has agreed to sell a block in downtown Charleston to a company that hopes to build a mixed-use facility near Capitol Market.
Authority board members agreed to the $350,000 sale to Pison Development during a special meeting Wednesday.
The 0.7-acre parcel is bordered by Dickinson, Lewis, Shrewsbury and Christopher streets, and is across from the Garnet Career Center.
It was appraised at $440,000, said Jack Cavender, authority chairman.
The company is proposing a four-story building for the site, said Bill Turner, Pison Development co-owner.
The first floor will be designated for commercial/retail space. The top three floors will house one- and two-bedroom apartments for people 55 and older, Turner said.
He expects to construct 17 one-bedroom and 15 two-bedroom apartments.
"We hope it will be fully occupied by the end of 2014," Turner said.
Rents aren't set yet, but will likely run $400 to $600 per month. The developer plans to seek tax credits through the state Housing Development Fund.
The plan includes onsite parking and green space. About 30 percent of the property would be made up of green space for tenants.
The building will be about 40,000 square feet and cost $3 million to $4 million to construct, Turner said. Pison plans to use Buckhannon-based High Point Construction Group to construct the building.
Charleston-based Associated Architects Inc. is designing the building.
Although the authority and the developer have agreed on a price, the deal isn't final, Cavender said. The company must get approval from the city and obtain building permits before it can begin work.
The company also must obtain final design approval from the authority.
"We have a strong interest in the design," board member Lew Tyree said.
Turner insisted the building would be made of high-quality material. The outside will be brick, he said.
Cavender said he was pleased with the proposal and thinks it fits well with the neighborhood.
The authority's familiarity with Pison is one reason the price was dropped below the appraisal price, Cavender said. Pison has been working on projects around the state for about a decade.
The company redeveloped the Lowenstein Building on Capitol Street in downtown Charleston, turning the upper floors into apartments, Turner said.
The authority has held onto the property near Garnet for more than 15 years in hopes it would one day be developed. It is currently being used for parking.