The next milestone toward redevelopment of Rome’s River District will take place Friday morning.
City commissioners are expected to approve the sale of 2.14 acres of city property on West Third Street to FSRE IMPACT Rome River District, LLC.
A special called meeting of the City Commission is scheduled for 8 a.m. Friday at the Courtyard Rome Riverwalk hotel, where the board will hold a mid-year retreat following the called meeting.
FSRE’s original proposal included an offer of $407,000 for the property, which sits adjacent to the Courtyard hotel.
That proposal also contained language stating that FSRE “will need generous infrastructure support and tax incentives from the city of Rome plus additional economic enhancements from other sources.”
The proposal tendered by FSRE calls for a live-work-play development that would include a farmers and artisans market with a rooftop deck and amphitheater. Preliminary drawings also showed converted freight shipping containers that would serve as vendor kiosks for special events.
Much of the rest of the property north of the hotel, between West Third Street and the levee — approximately 2.5 acres — has already been purchased by the FSRE group to develop workforce housing.
The investors group also has plans for properties on the west side of West Third Street, the Barron Stadium side, to take advantage of a 10-year investment period. That would include additional multifamily housing as well as a business incubator.
The group hopes to start construction of the first phase of their project as early as this fall, with the initial construction taking between 18 and 24 months.