The price is the appraised value of the property, located at the northwest corner of Lincoln Avenue and Whipple Street, along a Peterson Avenue commercial strip that according to the city department of planning and development includes many vacancies. It allows the developer to assemble a 2.27-acre site for more than 19,000 sf of new retail space and parking for 105 cars. The department is hoping a 14,500-sf Walgreen Drug store and 4,725-sf Krispy Kreme outlet, both operating 24-hours a day, spur additional redevelopment along Lincoln Avenue.
Cost of Lincoln-Peterson Development Associates' project is estimated at $7.8 million. It is expected to generate $150,000 a year in sales tax revenue for the city, as well as $1.2 million in property taxes over 20 years.
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