The City of Central (“City”), is seeking an experienced organization or collection of organizations (“Partner”) to redevelop the city-owned Big T Lot, a surface parking lot. The Big T Lot, located at a prominent intersection in Central City’s downtown, is an open area ready for mixed-use development. Potential uses for the space include a hotel, parking garage, and commercial/retail space, but other uses will be considered. The property is prohibited from gaming, unless a covenant payment is made or the restriction is renegotiated. That covenant remains in place until 2051. The City is receptive to considering reconfiguring roadways in the area to further the right development, so as to better capture regional market traffic.
The Big T Lot is a unique redevelopment opportunity to create a partnership with the City aligning with overall long-term economic development, historic preservation and arts and entertainment goals. The City desires to develop a long-standing relationship with a partner to redevelop the Big T Lot, and potentially the Bridge Gateway Area (described on the City website).
In order to bring this project to life, a partnership is needed. Experienced developers and capital sources are encouraged to submit a Proposal for this opportunity. A successful partner will clearly and effectively communicate a) a business plan for developing and using the property, b) how it will be accomplished through an overall development approach, and c) how this effort will further other development in the downtown.
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