St. Cloud EDA Approves Sale of downtown Property for $1
ST. CLOUD - A downtown St. Cloud parking lot is being sold for $1. The St. Cloud Economic Development Authority has approved the sale of the former Dan Marsh site to Makenda, LLC for $1. The developer plans to build condominiums on the site.
EDA Director Cathy Mehelich says, once the site is redeveloped, it's projected to generate about $130,000 in property taxes each year. Right now, because it's owned by the city, it's not bringing in any tax money. Beside the tax revenue, Mehelich says the real motivation for the EDA to sell the property is to bring an owner-occuppied market-rate housing component to downtown St. Cloud. She says its something they've been working on for several years. And, she says it will help with the vitality of the downtown.
The project is expected to break ground sometime this summer, and is expected to be completed by the end of next year.