Granite Falls EDA Wins Project Award for Opportunity Zone Redevelopment Project
The UMVRDC was asked to author an Opportunity Zone Project Plan for redevelopment of the former Marr Building in Granite Falls and submit the plan on behalf of the Granite Falls EDA to the Community Exchange 2019 Minnesota Opportunity Zone Challenge. The Challenge is intended to foster community engagement, identification and prioritization of the most actionable and impactful projects in Minnesota communities with certified Opportunity Zones and result in actual projects that can utilize MNvest for funding. A project plan portfolio was completed and submitted for the OZ Challenge June 30th. Project representatives made formal presentation for funding at an event in Minneapolis 9/18 followed by a site visit in October. The project presentation won a Challenge prize of $5,000 to assist in further funding its planning efforts on the project.
The proposed new development plan for the site will be for demolition of currently vacant dilapidated site structures and construction of a $5M, 10-12k s.f., three-story mixed-use building. The first floor will consist of retail/commercial storefronts. The upper two levels will consist of units available for market-rate housing. Total new residential unit occupancy will be approximately 28 units. With the development of a mixed-use commercial building focusing on apartment rentals on the upper floors, the project will bring a much-needed facelift to the proposed location. In addition, the added foot traffic will support downtown business while the new retail space will provide opportunity for existing businesses and EDA to attract new businesses to the area.