Home Renewal Systems has presented the City Manager with a letter of intent to purchase approximately 4.6 acres of City-owned property located at the northeast corner of Lakeshore Boulevard and US-41, commonly known as Parcel 2 of Founders Landing.  

The property is currently vacant and the letter of intent expresses the developer's interest for a multi-use project consistent with the South Marquette Waterfront Form-Based Code and an anticipated $13-15 million worth of private investment.  The developer intends to further the City's goal to create a strong connection between Downtown and the South Marquette neighborhood, while respecting and enhancing public access to the waterfront through this potential development project.

This property is in the South Marquette Waterfront Form District and is within two sub-districts - Waterfront-Mixed Use (W-MU) and Traditional Neighborhood-Commercial Residential (TN-CR).  As with any property in the City of Marquette, any development would be subject to local zoning. 

Per the provided resolution and City Ordinance, the City Manager is recommending the property sale be contingent upon an appraisal and local development agreement that outlines the investment and responsibilities for each party to the agreement.