The proposed plans for Parcels B and C could be a game-changer for Frankfort, with a proposed redevelopment of over 479,000 square feet and investment of over $76,000,000, according to the initial plans presented by CRM Companies and Commonwealth Economics.
There are plenty of positives: over 200 residential units {fronting a block of historic homes}; a new YMCA; the re-opening of Washington Street to connect Broadway to the new development; some office and retail – but not too much; and estimated 10-year tax revenue for the schools of over $4,700,000. Moreover, the proposed plans should result in more people living in Frankfort, which is one of my priorities because more demand for goods and services will create more businesses.
So, what’s not to love? None of the planned residential units appear to be owner-occupied or single-family; still too much surface parking; no connectivity to Leslie Morris Park; and not much detail yet on the hotel property renovation and convention space.
On balance though, the faults are minor compared to the overall good the development could do for our city, and I will do whatever I can do see the plan’s completion. The plans are exciting and could transform Frankfort, but I am sure this was the sentiment of the Capital Plaza urban renewal back in the 1960s-1970s, and unfortunately, that plan proved unsustainable. That is why it is crucial to ask the questions now and get as much input with the developer as we can.
Measure twice and cut once.