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Support Cornerstone Development Project (2019-2022) (Ongoing)

Economic Development

Time Status:

Budget Status:

Percent Complete: 75%

Start Date: 10/01/2018

End Date: 03/31/2026

In 2018, a private developer acquired the Financial Plaza building and parking lot on the southwest corner of University Drive and Sample Road and construction is underway for large mixed-use project called Cornerstone. The project is a component of the city’s vision for walkable downtown and will serve as a catalyst for additional redevelopment in the Community Redevelopment Agency (CRA).

The developer had a new collateral assignment approved by the board in January. The TIF incentive was paid to the Developer as well as Untamed Capital. Multiple businesses have been approved for grants and many will be opening soon. Mitch's had its grand opening on March 23rd and it has been very busy. How Ya Doughn' opened in late April and has been very popular. Gary Rack's opened in June and Paris Baguette and Maha Juice are opening in July. The retail is 90% leased with most businesses set to open during the summer.

Operating Budget: Existing Funds
Capital Budget: $0

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