On April 23, 2018, the Agency Board approved a process for the redevelopment of the Steam Plant and criteria to guide the process. Reduce the gap including an unsuccessful request for funding from the state Identify funding for this gap, although at this time, both parties haveĮxhausted all known potential leads for funding sources that could meaningfully Staff continues to work with the Dream Plant team to Redevelopment has a remaining financial gap, which as of a year ago wasĮstimated at over $5 million, due to significant cost escalations that impact Urban Renewal funds and their other sources of investment funds, the planned
The Dream Plant team estimates that even after accounting for the The terms approved in January 2022 included the use of Urban Renewal funds for asbestos abatement, systemsĭevelopment charges, and permit fees to support the project (estimated at $1.5 For more information on the proposal and the approved deal points, you can view the materials and watch the Januwork session. The upper levels of the building would include an independent hotel and office spaces that would provide the fiscal foundation to make the redevelopment feasible.Ĭlick here to view the team’s proposal. The ground floor would look out to the river, drawing the public in for art, music, food, and drink.
The team proposes to save and adaptively re-use the Steam Plant, transforming it into a vibrant mixed-use center that maximizes public participation and enjoyment. The revisioning of the Steam Plant will be led by a local development team headed by Mark Miksis, of deChase Miksis, and Mark Frohnmayer, of Arcimoto. In January 2022, the Urban Renewal Agency of the City of Eugene approved terms for the redevelopment of the Steam Plant.
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