Home Local News CITY COUNCIL APPROVES BADGEROW BUILDING DEAL

CITY COUNCIL APPROVES BADGEROW BUILDING DEAL

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The City Council has approved an agreement with a developer to remodel the downtown Badgerow Building at 4th and Jackson Streets.

The developer, Clarity Development of Omaha, Nebraska, will develop the 12 story property as Badgerow Developer, LLC.

They agreed to purchase the Badgerow Building for one million dollars and commit to a minimum assessed value of nearly eleven million dollars following renovations to convert the former office building into a mixed-use facility.

Councilman Dan Moore was part of a unanimous council vote approving the deal:

OC………about this day. :10

The developer estimates the project cost at $23 million to convert the building to 71 market-rate apartments on floors 3 through 11, office space, and a high end restaurant and cocktail lounge on the first two floors, and a health club and other amenities on the top floor.

The existing master lease remains in place as needed for historic tax credits.

The city will provide a three and a half million dollar rebate on incremental property taxes for fifteen years.

The city will also lease up to 200 parking spaces in the City’s parking ramp system.

Construction is set to be completed by October of 2022.