Major downtown development site The Gateway to Downtown. Qualifies for Tax Incremental Financing (TIF). Five older buildings, four tracts of land located on north portion of a block bounded by Minnesota and Dakota Ave and 13th and 14th Sts. 37,920 SF. 21 apt. units in 5 bldgs. 501 S Dakota Ave and 301 W 13th St (2 units, 1 bldg.) and 325 W. 13th St. (3 units 1 bldg.) are one tract; 327 W. 13th (1 tract, 4 units); 500 S. Minnesota (1 tract 8 units); 608 S Minnesota vacant land; 510-12 S Minnesota (1 tract 4 units). Gross rents about $108,000. ALL TRACTS MUST BE PURCHASED TOGETHER. Pricing reflects LAND ONLY at $25.00 SF or $948,000. The 21 units in five buildings are essentially FREE. Zoned C-3. Long-term prospect for this site is not current apartment use. Ideal site for mid-to-high-rise structure with underground parking. TIF could pay significant portion of land cost, utility and other infrastructure. Site elevation is the highest central downtown pinnacle.
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