The board approved to motion related to the final closing of the lots at 318, 320 and 326 N. Broadway. The first motion was to approve a site plan for development of the lots. The second motion was an amendment to the purchase agreement changing the name of the buyer from LMG Properties, LLC to SLD Proprieties, LLC and extend the closing date from on or before Feb. 14 to on or before July 31.

City Manager Chris Dalton said the EDA was ready to close on the lot sale back in October, but the buyers needed to conduct a survey that was not completed until December. Once the title company received the survey, there were additional questions which staff answered.

“This is the final piece,” Dalton said. The extension does allow the closing date to extend through July, but Dalton hoped the approval would allow the closing to happen sooner rather than later.

In 2023, the EDA solicited proposals for development of these the lots. Multiple developers had expressed interest in developing the sites.

The corner lot at 326 N. Broadway in spring 2023. The trees and house next door to the lot have since been removed following the sale of the EDA property for the development of a residential/commercial building.

At the time, a rental house was located at 320 N. Broadway. The corner lot at 326 N. Broadway was rented out by the EDA to food trucks and food stands during summer and fall months.

In the summer of 2024, the EDA was planning to sell the lots to a developer planning to create a residential/commercial building on the site. The city decided that instead of demolishing the rental house at 320 N. Broadway, it would be sold to the renters and moved to a new location.

On Sept. 30, the house at 320 N. Broadway was moved seven blocks to an empty residential lot at 1007 N. Minnesota Street. With removal of the house, the EDA was able to move forward with the sale of the three lots.

The development plan for the site is to create a three-story mixed use development. The ground floor of the building is expected to have a combination of residential and retail. The two top floors will be residential apartments. The building plan features eight two-bedroom units on the second and third floor.

The three Economic Development Authority (EDA) lots at 318, 320 and 326 N. Broadway were sold in October for development into a residential/commercial building. The EDA is hoping to official close on the sale in the near future.

The former EDA lots sit waiting to be redeveloped. The EDA board is hoping to official close the sale of the lots, but a recent amendment to the purchase agreement extends the closure date to July.