The project is expected to include two new restaurants on thestreet level spaces and 120 upper-floor condominiums. Pakonen won'thave to repay the loan if he completes and sells the condos, whichwill be priced from $106,000 to $360,000.
The project's proposed budget includes a developer profit ofnearly $1.4 million, according to the agreement. Pakonen and thecity will split any profit that tops 12.5%.
Construction on the condos is expected to begin late this summerand sales efforts will likely start this fall. Restaurantconstruction would begin once he finds tenants, Pakonen adds.Existing restaurants in the building, including Pazzaluna andSakura, will stay there. Sakura is currently undergoing anexpansion.
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