ULI expands AnchorBank renovation plans

What was first approved as a renovation of the tired façade of the AnchorBank building on the Capitol Square has since been expanded into Urban Land Interests' most ambitious development proposal since its Block 89 project.

In addition to changes at AnchorBank, the company is now looking to replace the bank’s 49-year-old parking garage across the street at South Carroll and West Doty streets with a nine-story, mixed-use building featuring first-floor retail/restaurant space and 96 rental apartments. The company would also like to build a 548-stall parking garage under South Carroll Street linking both developments as well as a 12,000-square-foot, single-story retail/restaurant space behind the bank that would be topped by a rooftop terrace.

The projected cost would reportedly be $45 million for the AnchorBank block and $29 million for the underground parking garage. All told, the project would add about 32,000 square feet of retail/restaurant space to the area. Public financing will help decide the project’s future. ULI has identified a financing gap of $10 million to $15 million for the parking garage, and the city is exploring TIF opportunities.