By a vote of 3-1, Commissioners approved an ordinance for a development agreement between the City and Weyland Ventures Development, LLC for work on the City Block Project. Commissioner Richard Abraham voted no, and Gerald Watkins was unable to attend the meeting.
The project will include the development of a hotel, parking, open space, and mixed-use residential buildings that will be located on the 2.88-acre city-owned block surrounded by Second Street, Broadway, North Water Street, and Jefferson Street.
Under the agreement, the project will be divided into two construction phases. The city-owned block is divided into three tracts with Weyland purchasing the two smaller tracts (Tract 1 and Tract 2 in the picture). The middle tract (Tract 2) will continue to be owned by the city and will be used for parking and as open space.
The first phase involves Weyland purchasing Tract 1 for $141,000 for the construction of a 4 1/2 story boutique hotel along Jefferson Street. Weyland plans to invest a minimum of $12 million in the hotel. The City will be reviewing the design of the hotel to ensure that it suits the area. Weyland will also be providing improvements to Tract 2, creating a green space, open space, and parking. According to the plans, there will be 172 parking spots. The City will reimburse Weyland for the development expenses involved with Tract 2.
The second phase will include the construction of two mixed-use commercial and residential buildings along Broadway on Tract 3. Weyland will be purchasing Tract 3 for $155,000 with plans to invest a minimum of $9 million into the project.
Additionally, the Paducah Board of Commissioners approved an ordinance to amend and extend the agreement with Paducah Riverfront Hotel, LP for the city-owned property that is located at 501 North 3rd Street. The ordinance was approved by a vote of 3-1, again with Richard Abraham voting no. In 2015, the City had approved an agreement with Paducah Riverfront Hotel (
You can see the full meeting below.
