Leasing talks in the works for North Riverfront Drive redevelopment project

Leasing talks in the works for North Riverfront Drive redevelopment project

MANKATO, Minn. (KEYC) — The search is on for tenants to occupy a new development slated for Mankato.

Developers of the project on the 500 block on North Riverfront Drive, which includes the vacant Stephen Cleaners and Laundry and surrounding buildings, are in the process of asking for tax increment financing to help offset redevelopment costs.

The leaser, Coldwell Banker Commercial Fisher Group, said the plan is to have more than 4,000 square feet (371.61 m²) of commercial space, which could include either office or retail spaces.

The plan also includes 17 one-bedroom apartments, which are anticipated to cost around $900 a month.

“We’re really excited about the leasing of not only the commercial spaces because we want to add to the vibrancy of downtown, and then with the 17 apartments, it’s very exciting because it will really help give it that neighborhood feel," Coldwell Growth and Engagement Director Cate DeBates said.

DeBates said they are accepting inquiries for apartment leasing, but the apartments are not live yet.

She said she anticipates more information being available on katorent.com in the near future.

Meanwhile, the developer is requesting a pay-as-you-go tax increment in the amount of up to $216,000 over 15 years to help with redevelopment costs.

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