REALTORS have been speculating about the fate of the Butterball property since the rumors began circulating that the property, which has been on the market for over 2 years, was under contract. In early May a representative of the buyer, 150 Main LLC, met with City Council. He announced the company’s plan is to demolish the old plant and build a 250-unit apartment complex as well as a 40,000 SF commercial area. A later phase would add 150 more rental units to the site.
This plan fits well with the City’s vision for the property, which was rezoned to mixed use last year. Since the site is within the urban renewal district and the DDA, the developer could benefit from the tax structures in place. 150 Main LLC may request assistance in the form of fee waivers, water and sewer credits, and help with the cost of demolishing and cleaning up the site. The developer may also ask for the city to adopt a quiet zone to reduce train noise. However, these requests will be considered later in the development process. The deal is scheduled to close on August 1 with demolition beginning this fall.