"...what it's going to do also is increase your property value."
Inspired by The Blvd, the city intends to increase its tax base as studies show that a six-story mixed-use building taxes for about $415 an acre as opposed to only $7 an acre for a “big box” store or $3.70 an acre for residential projects. The Medical Main Street development will initially cost $10 million and the City of Lancaster already has about $15 million set aside.
"We invest our efforts into what you guys are doing and what we can grow here, it's going to benefit our community, it's going to increase our tax base and it's going to increase our sales tax opportunities," said Jason Caudle, Deputy City Manager of the City of Lancaster. "But I think what it's going to do also is increase your property value."
The design work is expected to be complete within a year and the project built within 3 to 5 years.
The Antelope Valley Hospital, which is operated by the Antelope Valley Healthcare District, owns about 40% of the vacant land in the Medical Main Street district. City Manager Mark Bozigian told committee members, "This is where you’re going to see everything happen. We have an absolutely unique asset in the city of Lancaster. We have the health care district. We have this facility, we have this land."