At their work session on February 21st Johnston City Council members expressed support for a request for TIF assistance for the development of 384 one and two bedroom apartments at 6454 Merle Hay Road and adjacent properties in Johnston.The location is generally south of the Johnson Brothers facility. The development includes five three-story brick apartment complexes to be developed over the next six years. The first phase would be completed in December of 2018.
The price range for the apartments is expected to be between $850 -$1050 and would target young professionals. Based on a projected assessed value of $42.6 million, a TIF rebate of up to $2.6 million could be provided to the developer over five years. The next step in the process will be for the City to consider rezoning the NW section of the property from M1 to ROC-2. For more information about this project, download the staff report here.