The future of the
Knapp’s Building
is looking brighter after the encouraging announcement of a Renaissance
Zone approval for the site. The designation will not only benefit the
developers by allowing the building to be free of property taxes for 12
years, but also future residential and business tenants will realize
future tax breaks as well.
“We’re hoping to attract future tenants who will be professionals who work downtown,” says Mark Clouse of the
Eyde Company. “We’d like to provide an upscale housing option for them, and this will be a great incentive for them to locate there.”
The
project, which is set to include 21 residential units, 69,000 square
feet of office space across three floors and retail space on the first
floor, is estimated to total $36 million. The final step before work can
begin on the project is securing a competitive $2 million federal
Brownfield Economic Development Initiative (BEDI) grant from U.S.
Department of Housing and Urban Development.
“We applied last year and were not successful,” says Clouse, “But this year we think our chances are very, very high.”
The
Eyde Company hopes to begin interior work on the redevelopment project
as early as this summer and expect the entire project to take 18 months.
Source: Mark Clouse, Eyde Company
Writer: Natalie Burg, News Editor