Developer outlines Riverfront and downtown housing plans for former commercial building

Nick Eide of Guide Development told council his firm has pursued several redevelopment plans for a downtown building and now envisions mixed-use retail on the ground floor with roughly 20–30 market-rate apartments above. Eide said Guide Development has pursued state and federal historic tax credits previously on other projects and intends to apply for state historic tax credits for this project in the fall, with awards and design/permitting anticipated before a year-long construction window.

Eide described the firm as a long-term owner and said it typically bids local contractors, seeks historic-credit support and phases work to bring old buildings back into productive use. He said the project cost estimate currently sits between $3 million and $5 million depending on unit count and scope, and told council his team will seek city support for the tax-credit application. "If we're awarded, we'll hear in December and then we'll go through design, permitting, all that... it would be about a year process from when we get that all closed and started," he said. (S17)

Councilors asked about the project timeline, contractor sourcing, and previous examples; Eide offered to provide examples of prior work and to meet with local contractors. The presentation was informational and did not immediately trigger a formal vote; council said staff would bring related items back under reports of officials or committee review as needed.