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The Met Council approved a $1 million grant largely for the stormwater component of 4th Street, but extra features will require additional funding. The city’s transit-oriented development director, David Frank, told the Prospect North group that the grant must be spent by 2016, meaning plans and funding must be finalized in the next six months.
Other property owners are moving forward with development, adding to the urgency to further develop the vision for the district. Barnhart said his firm has a purchase agreement with Illinois-based Harlem Irving for one of their parcels at the core of the proposed district. The proposal features a 30,000-square-foot grocery store, 350 apartments and ground-floor retail.
Frank said the Prospect North project is unusual because in other planned districts — such as tracts in the suburbs — a single developer would control the land.
“What we’re trying to do here is bring off doing a master development-type project without having anybody who owns all the property,” Frank said.
Eric Roper • 612-673-1732