BEATRICE – The Beatrice City Council is scheduled to consider approval of a redevelopment plan for the former Store Kraft Manufacturing property, Monday night.
The council will conduct a public hearing on the plan, forwarded to the body by the Community Redevelopment Authority. Mayor Stan Wirth says the Homestead Junction Redevelopment Project is seeking tax increment financing to help with related expenses.
:21 “style housing”
The current estimated site valuation totals nearly $809,000. If all phases of the development go forward, it’s estimated that the completed project valuation would come to about $16 million.
The developer is estimating that about $22.5 million will be spent for rehabilitating 60,000 square feet of existing commercial space, constructing 36,000 square feet of new commercial and retail area, about 22-hundred square feet of restaurant space and about 25,000 square feet of commercial flex area.
Also planned is a 60-to-80 room hotel and multi-family residential space.
About $2 million in tax increment financing would be used to pay for items such as grading, utilities, streets, sidewalks, lighting and parking, among others.
The past several months, the former Store Kraft Manufacturing plant and offices have been demolished. Warehouse area on the north part of the property was retained.
Store Kraft Manufacturing, which made cabinets and store fixtures for nearly 100 years, closed in October of 2014…putting one hundred people out of work.
Beatrice Industrial LLC bought the property in May of 2016, with plans to market the space for various business uses. The company is working with U.S. Property, based in Lincoln, NE.