Lewisville City Council approved an economic development agreement March 18 with a developer who plans to redevelop property on the northeast corner of Charles Street and Main Street, at 191 W. Main St.
The developer, Integrity Commercial Group LLC, plans to invest more than $5 million on this property and build a three-story building with mixed uses. The first floor will contain restaurant uses; the second floor will include offices; and the third floor will offer event space options.
The economic development agreement consists of:
- developer agrees to purchase land for $500,000;
- developer agrees to construct just over 20,000 square feet in new construction;
- developer agrees to commence construction within 18 months of the executed economic development agreement;
- city agrees to demolish existing building and pavement and then convey land to developer;
- city agrees to offset all building permit-related fees, except impact fees, and reimburse, through a grant, hardscape and landscape costs, not to exceed $200,000; and
- city agrees to reimburse the costs of the public restrooms, catering kitchen and event space.