Redevelopment Plan Emerges for Gateway Motel Property
ST. CLOUD -- A plan has emerged to redevelop the Gateway Motel property in East St. Cloud.
According to city documents, the St. Cloud Economic Development Authority has been working over the past several months with a developer on the property at 310 Lincoln Avenue Southeast.
Midland Atlantic Properties has the property under contract for purchase contingent upon getting financing. They are proposing to acquire and remove the building and build an approximately 5,200 square foot multi-tenant commercial building.
The developer is requesting financing help through an application to the Minnesota Department of Employment and Economic Development. The Redevelopment Grant Program provides matching funds and requires the city establish a Tax Increment Financing District.
The EDA plans to submit a grant application to DEED early next month with the grant awarded in the spring. If the grant is approved, the EDA may proceed with the steps to establish a TIF Redevelopment District.