Gateway Motel Redevelopment Project Awarded State Grant
ST. CLOUD -- The plan to redevelop the Gateway Motel property in east St. Cloud is taking a step forward.
The Minnesota Department of Employment and Economic Development has awarded the city a nearly $116,000 redevelopment grant for demolition, asbestos abatement, and infrastructure improvements on the nearly one-acre site.
We first told you about this project back in January, which calls for the current 35-unit motel to be torn down and a new 5,200 square foot, three-tenant commercial building to be built.
The St. Cloud Economic Development Authority has been working for several months on the project at 310 Lincoln Avenue Southeast.
Midland Atlantic Properties has the property under contract for purchase contingent upon getting financing. The city will be required to create a Tax Increment Financing District in order to get the state funds.
St. Cloud EDA Director Cathy Mehelich says the city is excited to see continued reinvestment in this prominent gateway intersection of St. Cloud – including Target’s recent remodeling project and the current investment by Runnings Store in the former Shopko store.
She says, pending the developer, Midland Atlantic Properties, acquisition and securing additional tenants, construction could begin Fall 2020 with completion of the new multi-tenant building Spring 2021.