FARGO – The City of Fargo, Kilbourne Group and Global Development want to construct a multi-story mixed-use building on an NP Avenue parking lot that could also determine how the old Herbst building on Broadway is redeveloped.
The public-private partnership is still in its infancy, but its goal is to transform the surface land on the 600 block of NP (between Old Broadway and North Dakota State University’s Renaissance Hall) into a building with space commercial on the ground floor, 150-200 housing units on the upper floors and a parking lot with 500 to 600 spaces, said Jim Gilmour, director of strategic planning and research for the city.
Part of that lot is owned by Global Development and part by the city, Gilmour said.
“We’re early in the process,” Gilmour said Thursday, Jan. 3. “We are trying to determine the feasibility of being able to pay for parking.”
Gilmour said city staff needed to work with bond consultants and the city’s financial advisers to determine the kind of incentives needed to make the project work.
The city commission will be asked on Monday, February 7 to authorize staff to proceed with a renewal plan, a review by a financial advisor, to prepare a developer agreement and to prepare a financing plan for the part financed by public funds. of the project.
“The site is very suitable for a mixed-use development with parking lots, housing and commercial space similar to the Roberts Commons and Mercantile projects,” a Feb. 2 memo to the City Commission said.
The NP site currently has approximately 250 surface parking spaces.
Warren Ackley and Randy Thorson are partners in global development.
Ackley said Thursday he didn’t want to comment too much on the project ahead of Monday’s commission meeting, but he’s excited about the growth prospects for downtown Fargo.
“We’re just really excited about it,” Ackley said, saying the project meets two big downtown needs.
“It’s something that we think is needed in terms of parking here,” Ackley said, and “we need more housing. That’s what we’re trying to do.
Ackley confirmed that planning is underway for a boutique hotel, events center, or perhaps a combination of the two, in the former Herbst department store building just south of Old Broadway.
“There are a lot of possibilities for that and it’s combination ideas or a singular idea. It could be completely a hotel, a whole event center. We just don’t know. It really depends on what type of parking is available for this stuff,” Ackley said.
If the 50,000-square-foot building is turned into an events center, he said a large 600-seat ramp would be needed to support it.
“We are still exploring all of our options. But really, parking is really key to this development,” Ackley said, adding, “The continued growth of downtown Fargo is all I care about.
The Forum has contacted Kilbourne Group for comment on their involvement in the project.