| By Big Radio News Staff |
The city of Janesville wants to give a cash infusion to owners of a historic downtown property to help push forward an apartment project that would bring 10 new units to the block.
The city of Janesville seeks to offer up to $375,000 in tax-increment incentives to the owners of the Fredendall building at 37 South Main Street. The owners say they want to renovate the building’s third and fourth floors to create 10 apartments there.
The tax-incentive deal would be structured as a “pay as you go” agreement.
Owner Fredendall LLC aims to invest about $3.4 million dollars into renovations at the property.
That includes work with a third party consultant on historic renovations. The property would face special construction regulations because it is listed as a National Historic Place, and is part of Janesville’s downtown historic district.
City economic development director Jimsi Kuborn says the development would bring vibrancy to downtown and spur further redevelopment.
Todd Kimball, former owner of the Fredendall property, tells Big Radio he sold off the building last year. Kimball says he remains involved in the apartment project, a rehab he says will bring mainly one-bedroom and two-bedroom units to the building’s second and third floors.
The city characterizes the apartments shown in plans as upscale.
Current retail businesses in the Fredendall building’s storefronts include a mid-century furniture store, a clothing and gift boutique and a cellphone store.
Kimball says he’s glad to see the property getting upstairs apartments. He says it had been a goal of the Kimball family for years to renovate the Fredendall for apartment living.
