APPLETON - The city and Merge Urban Development Group of Iowa have struck a deal for the construction of a $12 million mixed-use building on the site of the former Blue parking ramp at the southwest corner of Oneida and Washington streets.
The five-story building will have commercial space on the first floor and 75 market-rate apartments on the upper floors.
A development agreement approved unanimously by the Common Council commits Appleton to pay Merge about $2.9 million ($2.2 million plus interest) as an incentive to bring the project to completion.
The project is the second phase of the development known as Urbane. The first phase, costing $7.7 million, was approved in September. It involves a five-story building with first-floor commercial space and 56 apartments on the former Conway Hotel property (also known as Washington Square) at the southeast corner of Oneida and Washington.