Downtown Faribault is poised for a major renewal with the commitment of $1 million in city funds to begin renovation of 13 dilapidated buildings in the city's core.
Last week, the city agreed to provide the money to an investment group through its Economic Development Authority and Housing & Redevelopment Authority. The total renewal project will cost at least $11 million, according to Nort Johnson, president and CEO of the Faribault Area Chamber of Commerce and general manager of the Faribault Industrial Corp.
"We're very thankful," Johnson said. "We're proud of our community for doing that. More than anything, it's a community-minded project."
The initial investment will be focused on getting the buildings "clean and dry," Johnson said, including new roofs. As the renovations progress, individual properties may be sold later to other investors.
Johnson said the plan will focus initially on creating apartment rentals in the buildings, rather than retail stores. There's a real demand for rental housing in Faribault right now, he said, and the historic buildings should make for attractive living units.
JOHN REINAN
HAWLEY
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