Our office works with our members and community partners in a variety of ways and has been fortunate to be included in many conversations that pertain to large-scale economic development efforts in our community, including those in Grinnell College's Zone of Confluence. If you're not familiar, this is the physical area between the north edge of downtown and Grinnell College, and is largely between Fifth & Sixth Avenues and Park & West Streets. The goal of this collaborative effort is to create a better physical connection between campus and community through new mixed-use development, encouraging pedestrian traffic between the campus and downtown, and strengthening social and economic vitality in the downtown.
The Zone of Confluence is an important economic development effort as it aims to better enhance community and campus and increase 18 hour vitality in the community. It was and is an integral component in Grinnell being recognized as an Iowa Reinvestment Act District, with developments generating new retail sales eligible to begin receiving a tax rebate on sales they generate beginning in year 2020.
While there's still much work to do to finalize details, including a refined timeline, the College has signed a Memorandum of Understanding and is negotiating final lease options with Ludwig & Associates, a development team working to build the first project in the Zone on the former McNally's site (1021 Main Street). Their team has also begun working with City officials to draft a development agreement. The Grinnell Promenade is slated to be mixed-use and looks to include nearly 30 residential units on the upper floors with commercial space on the main level and parking behind the building.
We have been pleased that the development team has engaged local leaders and constituents to help identify possible opportunities for the space. At the end of the day, their team is responsible for 'signing the deal' so to speak, but we feel assured they understand the culture of Grinnell and are committed to finding the right mix of retail to achieve the overarching goal of integrating campus and community in this space.
We'll continue to use this email newsletter as a way to keep you informed of further developments in the Zone of Confluence and with other projects outlined in the Iowa Reinvestment Act. It truly is an exciting time to be in Grinnell and we're grateful for your support to make our community such a wonderful place to live, learn, work and play.
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