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SUN PRAIRIE, WISCONSIN – At its meeting on December 6th, the Sun Prairie City Council approved a development agreement with TMA Land, Inc. to provide up to $2.5 million in TIF assistance for redevelopment of the site located at 1120 W. Main Street. Financial assistance is being provided by the City to offset redevelopment costs associated with demolition of the current vacant building, environmental remediation, restoration of the wall shared with the adjacent property owner, and underground parking.
The project itself includes a 74-unit multi-family apartment building with 50% of the units being reserved for workforce housing, with the remainder of the units being rented at market rate. Workforce housing is defined as units dedicated to individuals or families at 60% of the median income for Dane County. The project will also include 5,000 s.f. of commercial retail space fronting Main Street.
The vacant building at the current location has been vacant for several years, and was formerly Heckel’s Marine and a Pamida grocery site.
The final building and site plans are currently being reviewed by the City’s Planning Department. The Developer plans on closing on the property in December 2016, and starting construction in the Spring of 2017. Per the development agreement, the project needs to be completed by no later than July 2018.
This will be the first project this size undertaken in both Tax Increment District #11 (created by the City in 2014) as well as the Main Street Overlay (MSO) zoning district, which provides an accelerated site plan approval process for projects meeting certain design standards.
Mayor Paul Esser released the following statement:
“I am very excited to see a project of this caliber moving forward on Main Street. I think this project has tremendous potential to jump start additional private investment in this area, and is hopefully just the first of many good things to come for Main Street. This project will not only eliminate a blighted parcel on Main Street, it will also create a new opportunity for many employees that work in our community to be able to afford to live here for the first time. This project is a significant win for the City.”
Council President Al Guyant also released a statement:
“The City Council has been very clear that Main Street was a top priority, and we demonstrated that through our commitment to this project. Out of the diversity of projects that this Council has supported in the past couple of years, this project has the potential to have one of the biggest impacts on our community. I am confident that this will be a model project that will encourage other investment in our Main Street. The Workforce housing component of the project will create opportunities for those who work here in Sun Prairie but might not be able to otherwise find affordable housing here, including those employed in jobs like first-year teachers, rookie police officers or new retail store managers."
For more information on this project, go to the Department of Economic Development’s web page at: http://www.cityofsunprairie.com/Economic-Development
About Sun Prairie, Wisconsin
For more information on the City of Sun Prairie, go to: http://www.cityofsunprairie.com