Brand New Corridor Plaza Development Provides a Beautiful Space for Businesses
23 Jul 2020
The City of Fort Dodge is taking on a retail redevelopment project in the form of a brand new open-air Corridor Plaza Development! This exciting project will feature new and improved retail spaces, restaurants, green space, a hotel and mixed-use buildings with apartments, bringing a fresh look to the area as well as more entertainment and dining options for locals and visitors alike. The Corridor Plaza will draw in customers from far and wide!
The attractive Plaza is set to replace the existing Crossroads Mall, bringing a fresh look and feel to the property. Spanning across an expansive 35 acre property that includes 12 lots, all of which could be subdivided among tenants, the new development will bring an increase in consumerism, employment and an overall boost for the local economy. The Corridor Plaza Development will offer plenty of space for new stores to own or rent!
The new Corridor Plaza Development is currently underway! Spaces are already opening up for new businesses to move in. Demolition of the Sears building was completed in December 2019. The buildings that housed Younkers and JC Penney are next to be removed. The demolition process of the remainder of the mall area is scheduled to be completed between 2021 and 2023 as the leases for remaining tenants expire, but the Development is already accepting new owners and tenant applications.
Some of the property has been parceled off and sold to business owners in the area who are now opening their doors to customers!
The exciting potential building plans will incorporate the construction of multiple retail buildings as well as mixed-use buildings that will offer retail space on the first floor and living quarters on the second floor. These state-of-the-art mixed-use buildings condense costs and increase convenience for business owners!
A medical building, office space and hotel are also planned, providing multiple avenues of business for the community.
Once the project has reached completion, new public roads will run through the site, increasing accessibility to the area for customers and putting new businesses at the forefront!
The City of Fort Dodge Investing $18.2 Mil in the Project
The retail redevelopment project is a priority for the city since it will house several new stores to attract area customers! The project will primarily be funded through tax increment financing (TIF). The City has committed $18.2 million to the project, $10 million of which will be in the form of a grant and $8.2 million will accrue through TIF dollars. When increased property tax revenue from an area in the city is set aside to be reinvested in the area, it is referred to as tax increment financing. This type of financing does not take from the individual tax dollars of community members.
Fort Dodge knows new stores and retail spaces are a mainstay for communities and a reliable source of tax revenue. The new Corridor Plaza Development will provide a way for the retail sector to successfully expand in the Greater Fort Dodge area. The City is working to support consumerism and keep profits local. Corridor Plaza Development will serve as a revitalization of the Greater Fort Dodge area, bringing in a fresh look and new businesses.
New living quarters will offer convenient housing to store owners. The many dining and entertainment options will attract visitors to the area and provide a variety of shopping options for residents.
Stay tuned for more updates about the Corridor Plaza Development and its positive impact on the local economy. To inquire about moving your store to the Corridor Plaza Development, click here.