Council authorizes negotiations on proposal to redevelop former Public Works building at 500 Second Street

Nathan Wasson of Glenstone Development presented a proposal to acquire and redevelop the city-owned former Public Works building at 500 Second Street, and the LaSalle City Council on a unanimous roll call authorized a committee to negotiate terms with him.

Wasson told the council the project would convert roughly 20,000 square feet of garage space into climate-controlled self-storage (about 230 units) and use a corner 5,000-square-foot former showroom for first-floor retail, a coffee shop and shared offices. He estimated the total conversion at about $2,330,000 and said the purchase price in his letter of intent is $260,000, to be financed by “a purchase money note from the city and forgiven once the project is completed, if completed within 2 years.” He proposed a 90-day due-diligence period followed by a 30-day closing window.

Why it matters: the building has been city-owned for roughly two decades and sits in downtown LaSalle; council members said putting the property back into productive use could improve downtown appearance and generate property-tax…