(Mankato, MN) – Mankato has been awarded a grant from the Minnesota Department of Employment and Economic Development to help redevelop a blighted commercial site.
The city has been awarded $170,850 in grant funds that will assist the demolition and redevelopment of the Bridge Plaza site.
The DEED grant will be utilized for demolition, geotechnical soil correction, and infrastructure costs on the 1.94-acre site.
The site will be redeveloped with a five-story, mixed-use building offering 25,969 square feet of commercial space and 14 apartments.
It is anticipated the project will create 24 jobs while retaining 108 more and increasing the tax base by $144,566.
Matching costs will be paid by tax increment financing.
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