What’s next for The Warden?
Tuesday, May 15, 2018
The Missouri company that plans to convert the vacant Warden Plaza in downtown Fort Dodge into apartments and retail space has an August 2020 deadline for the project, the City Council learned Monday.
The developer must meet that deadline to comply with the terms of some workforce housing tax credits it has been awarded, according to Matt Brown, president of Formation Group Inc., a Des Moines firm hired by the council to serve as its project manager.
He said he hopes a development agreement can be reached with KDG LLC, of Columbia, Missouri, in June and work will begin soon after that.
But when Councilman Terry Moehnke asked if the company has all the money it needs to do the project, Brown replied “We do not know that yet.”
The project is expected to cost $30 million to $32 million.
“They need to find creditors or investors who will carry the full load because these are tax credits, not grants,” Brown said.
The renovation of the Warden Plaza at 908 First Ave. S. is one part of a project that includes construction of a new cultural and recreation center and a parking ramp. The renovated Warden Plaza, the cultural and recreation center and the parking ramp would line the north side of First Avenue South between Ninth and 12th streets.