Report to University City Council

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C. Foster Development Opportunities Development Opportunities University City has a number of very promising opportunities to attract important new investment that will enhance the economic and fiscal base of the community. Each site presents the City with challenges and will require hard decisions on behalf of its leadership and citizens. Because the City is mature and lacks easy and clear sites for development, high costs and complexities of redevelopment are associated with all of these opportunities. In recommending that development be encouraged in the locations cited, it is assumed that the City will seek to act as an effective and responsible public partner in the inevitable public/private partnerships that will be required to achieve success. This should include conducting all necessary due diligence to insure full knowledge of challenges and possibilities and applying rigorous cost/benefit analysis to insure the community receives fair and reasonable returns on its investments. The City's and State's development incentives should be used where appropriate and effective, but always with an eye to achieving the greatest possible net gain for the City and its citizens. In addition to achieving aggressive fiscal and economic gains for the City, redevelopment of the areas discussed here should seek to achieve broader environmental and social objectives. To the extent feasible and reasonable, building and site developments should follow "green" principles for energy and other resource efficiency and sustainability. Likewise, the unique social, economic, and racial mix of the overall community should be an inspiration for the creation of new contributions to the built environment that contribute to that diversity. 1-170 Corridor Opportunities · Village ofWyncrest - 840 units of housing at unusually low density · The Barby Lane/W. Kingsbury neighborhood (west of#1 McKnight Place) · Delcrest Circle · Olive and the Innerbelt The Villages of Wyncrest Formerly known as Canterbury Gardens, the Villages ofWyncrest is the largest and most readily identifiable redevelopment opportunity within University City today. Located at the Delmar Boulevard interchange on the region's 1-170 innerbelt corridor, the 58-acre development consists of 840 rental apartment units in a complex of some 200 four-family buildings. The project's relatively low gross density of 14.5 units per site acre, together with its age, condition, and competitiveness relative to its market potential in central county and adjacent to the Clayton central business district, suggest the potential for redevelopment. It is understood that the project is currently owned by a Canadian pension fund and is subject to limitations on its use and on the household income mix of 11