Development agreement approved for potential project in downtown Beloit
MADISON, Wis. (WMTV) - A potential $16-20 million development project to enhance the area around the Rock River in downtown Beloit is one step closer to becoming a reality.
City of Beloit officials noted a development agreement and purchase sale for a proposed-private development was approved by the city council Monday night.
The project would involve the City demolishing a vacant building along 80-100 East Grand Avenue, along the Rock River. The Wisconsin Department of Natural Resources is requiring the existing building that protrudes into the river to be removed by the year 2042, for what it describes as extensive damage to the underwater structure.
The City of Beloit wants to expand the Riverwalk area and create an outdoor space. It says the developer, East Grand Development LLC, wants to build a four-story, 48,000-square-foot building with a potential restaurant, businesses, offices or residential spaces.
Economic Development Director Drew Pennington explained that the project would benefit the environment and economy of the city.
“Completion of these pedestrian improvements will attract additional visitors and residents to our downtown Riverwalk, which is an integral part of our downtown business district,” Pennington said.
The project is dependent on grant financing. The City is set to receive a $495,000 Municipal Flood Control Grant from the Wisconsin DNR and a $1.1 million Stewardship grant is being reviewed by the state’s Joint Finance Committee.
There will be no City funding or tax dollars used on the project, but the City will maintain ownership of the public space and Riverwalk. Officials added that a local match will be provided by the developer.
The project is slated to be started in 2023 if grant funding is acquired.
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