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Located
at 1700 NW 14th Avenue, the area consists of
2.95 acres of City-owned land that is considered
a
Brownfield. Using $1 million in a BEDI
(Brownfield Economic Development Initiative)
grant from HUD, and a $4 million Section 108
loan, the City and the developer, Wagner Square
LLC, will turn the contaminated site into a
mixed-use project with 198 total units of
affordable and market rate for-sale housing,
with a first floor commercial / retail
component. The funding will assist the developer
in removing all environmental contamination and
health hazard conditions on the site.
A resolution was adopted to execute a purchase
and sales agreement with Wagner Square, LLC,
which is scheduled to take ownership of the
property in the Summer 2004. Construction is
scheduled to begin in early 2005.
The development already has letters of interest
from Subway Restaurants and the Family Dollar
Stores. It is expected to add approximately
$305,000 in annual property taxes and create
about 100 jobs.
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