FARGO (KFGO) – Fargo city commissioners will vote Monday evening on a recommendation by the city planning department to accept a purchase offer of $505,000 from developers for a city-owned parking lot on the northeast corner of Main Ave. at Broadway.
JLG Development and Duluth-based F.I. Salter have plans for a six-story mixed-use development on the property.
Strategic Planning Director Jim Gilmour says the first two floors will be offices. Two tenants are already committed to a lease. Floors 3 through 5 will have 55 apartments and 10 condominiums will be on the top floor.
Gilmour says the financing plan for the Mercantile Parking Garage now under construction on downtown Broadway included the eventual sale of the parking lot at 501 Main. Prior to the sale of the property, a development agreement must still be completed. Five-year Renaissance Zone tax breaks requested by the developers are contingent on proceeding with the project.
Construction could start in May and with project completion by the fall of 2022.
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