Albert Lea announces new business opportunity with ‘redevelopment challenge’
(ABC 6 News) – The City of Albert Lea and its partners have announced the Albert Lea Redevelopment Challenge, an opportunity for a new business to settle into a vacant, newly renovated building in its downtown.
The building located at 132 S Broadway, in downtown Albert Lea, has been acquired and stabilized by the City. The property, formerly a retail shop, is looking for a new owner to move it forward into the future.
The City says it has invested in the building by completing several repairs to maintain the building’s integrity including abatement of asbestos, new floor system, roof repairs, tuckpointing, and more.
The vision for the building, originally built in 1880, is to attract new investment into downtown by encouraging redevelopment of the building into a retail or restaurant space that will drive foot traffic to the area, according to the city.
In order to encourage this redevelopment, the participating organizations have put together an “Opportunities Package” that includes $100,000 in available grant funding. Other incentives include a marketing campaign, free advertising in the community guide, low-interest loans, and a 5-year Chamber membership.
City Manager Ian Rigg says he is excited to be a part of this program. “This project is one of the many different types of effort we have been moving forward with as a collective group. All those involved share the same goal of creating a vibrant community”
Interested parties can find more information, HERE.