The amendment approved by the council July 19 changes the timing of a portion of the city's $2 million grant payment. The payment equal to the purchase price would come before the city transfers ownership of the 0.334-acre tract to the developer "to facilitate closing," according to a staff memo. The amendment with Deck on Main LLC also corrects a legal description of the location, the memo stated.
The city is selling the land at the northeast corner of Main and Charles streets to Nack Development for $280,000. In turn, Nack has pledged to invest $5 million to construct a three-story building there. The project would have leasing for restaurants and retail on the ground floor, a second floor dedicated to offices or classrooms, and a third floor designed for entertainment, including an outdoor patio overlooking Ferguson Plaza.
The building will also include publicly accessible restrooms the city will lease from the developer for 25 years with two 25-year renewal options.
Nack is set to break ground on the project sometime between October and December. Construction is expected to take about a year.
