Bedford changes plans for development of city-owned land. Here’s what’s planned

Bedford is holding off on plans for commercial development on 30 acres of city-owned land because of rising costs and economic uncertainties and will focus on residential development for the time-being.

The city announced the change in plans to develop the vacant land, known as Bedford Commons, on Wednesday.

“Rather than pushing a plan forward simply to keep momentum, the City is choosing to pause, reassess, and change the approach,” according to the Facebook post.

Bedford and Midway Inc. mutually agreed to “part ways” on the original development plan and partnership, the announcement stated.

Bedford Commons takes in around 30 acres betwwen Bedford Road and Don Dodson Drive.

Why the change in plans

Bedford and Midway officials discussed creating a commercial development, but discovered that the original approach wouldn’t work with today’s economic realities of bringing restaurants and retail in to a competitive market, the city said.

“New commercial development is facing higher construction, labor, and financing costs, while many prospective tenants are cautious about taking on large upfront investments, especially in projects that are still establishing traffic and customer activity,” the city said in a statement.

Bedford officials were concerned about the level of commercial development costs and “rent support which exceeded what the city felt comfortable with providing.”

Bedford is shifting to a phased development approach that will include residential and commercial, which allows Bedford to guide the project over time rather than reacting to market pressures that could compromise Bedford Commons’ viability over time, the statement said.

Plans call for residential development to move forward first on the east side of the property, with single family homes, not apartments.

Once the city chooses a home builder, there will be information about the type of homes and pricing.

“Residential development provides long-term stability for the site, creates consistent daily activity, and establishes a built-in customer base to support future restaurants, retail, and community amenities. Beginning with housing allows the City to generate momentum at the site while setting up future commercial phases for success,” according to Bedford’s Facebook post