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FARGO — A piece of property near the Red River is being sold to a developer after the Fargo City Commission unanimously approved the sale at its Monday, Oct. 31, meeting.
EPIC Companies purchased the property at 234 Main Ave. for $1.18 million, according to Director of Strategic Planning and Research Jim Gilmour.
“The city doesn’t get to keep the money,” Gilmour said. Due to the existing Diversion agreement, all money made from this transaction, with the exception of administrative costs, will go to the Diversion Authority, he said.
EPIC plans to build a seven-story, mixed-use building at the southwest corner of the intersection of Main Avenue and Second Street, according to a memo Gilmour sent to commissioners. The project will continue the developer's work on its downtown "Gateway development."
Plans for the building include underground parking that will continue through level two, sharing space with commercial areas that will occupy floors one through three. Apartments are planned for levels four and five, with owner-occupied condos planned for the two floors above, Gilmour said.
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The building is expected to include an outdoor plaza that will be accessible to the public, the memo said.
EPIC will invest $25.5 million in the project, according to Gilmour.
The sale will be completed at the end of November with construction running from December 2023 to December 2025, according to the memo.
EPIC met with the Renaissance Zone Authority during their Oct. 26 meeting to request that the board draft a recommendation to the City Commission on their behalf that will ask the commission to approve EPIC’s Renaissance Zone application, granting access to the property tax and state income tax exemptions that are allowed under the North Dakota Renaissance Zone law.
The Renaissance Zone Authority agreed and is drafting a recommendation to the Fargo City Commission that will be on the commission's next agenda, according to Gilmour.
He said a part of the land sale agreement is contingent on the commission approving the Renaissance Zone application.
