Tuesday evening, the Common Council unanimously approved a resolution from the Redevelopment Authority, authorizing a development agreement between the city and Mark Raymer, for the rehabilitation of property located at 1504 W. Main St., which includes a $30,000 TIF development incentive.
Raymer previously renovated the property nextdoor at 1502 W. Main St. which now houses a new sandwich and pizza shop, dance studio as well as new apartments.
“The current property is valued around $43,000,” commented Mayor Bill Bialecki. “Once completed, the property will be valued around $300,000. I would like to add Mark renovated the property next door and did a magnificent job.”
As outlined in a plan released by the city, the project consists of a mixed use development to include a completely renovated first level to accommodate three leasable commercial spaces, one space of which will be leased to a newly configured storefront for the existing commercial business on the property. The second level is planned to be completely renovated into two new apartments.
All interior areas are planned to be completely remodeled with new flooring, ceiling, walls and updated electrical and plumbing, as necessary to create fully-improved commercial and residential space.
The total cost of the project is an estimated $376,000 based on similarly designed developments. Total square footage in the property is approximately 9,720 sq ft.
Plans also include a completely re-constructed exterior to include three new separate and independent business storefronts with new entrances, windows and designed exterior surfaces for both south and west elevations as well as re-surfacing of the existing parking lot.
Both the interior spaces/floor plans and exterior improvements are being designed by Kye Studios (who has also designed Central Carpeting, and properties at 811 First St., 406 W. Main St. and Ballyhoos. Construction is set to begin after all necessary approvals are in place with disbursement of funds set to begin during construction.
6th district alderman Dave Sukow also spoke in favor of the agreement.
“This building is in my district and I must say, it hasn’t changed much in many years. I remember when People’s IGA was there way back when, and it hasn’t changed much since. I am so happy to see Mark is taking this on.”