Development on Vacant Marigold Lot
Wednesday, 10 March 2010 12:29
Developer Van Moody says his loan has been approved and architectural plans for the plot of land on the east end of Belgrade Avenue in North Mankato are nearly finished. Moody says ground could be broken in May on the mix-use project.
The construction and development on the lot will be divided into three phases. The first phase will begin with a 19-thousand square-foot building that will house commercial space for Moody’s business, Computer Technology Solutions, plus residential units and office suites. The first phase, with an anticipated cost of $1.7 million, is expected to be completed in the fall.
Today North Mankato’s Port Authority approved a $225,000 grant for the project. Wendell Sande, Port Authority executive vice president, says prospects are strong for the two larger phases of construction to follow.
“We have an agreement in principal with both the developer and the bank that is financing the project to proceed with a plan for phase 2 and phase 3 of the project. When combined, [that] would amount to a total investment of approximately $11 million and would consist of one building that be mixed commercial and residential uses, and a separate structure that would be all residential,” Sande said.
Phase two is scheduled to begin in late 2013.
Sande says the plans for the Marigold site tracks closely with the long-term goals of downtown revitalization of Envision 2020, as well as with the purposes of the local option sales tax.
“This is exciting news for us . . . we’re pleased to be able to move forward to implement those goals.”
Sande says the project should encourage spinoff development along the east end of Belgrade. Tax increment financing is already in place to help with phase one costs and the city is seeking legislation for tax increment financing for the subsequent phases.
