DeKALB – John Pappas, the principal developer behind the Cornerstone project at First Street and Lincoln Highway in downtown DeKalb, could gain approval to build a second four-story apartment building about a block away at Monday’s City Council meeting.
The total cost of the new project is estimated at $6 million, and the developer is requesting a tax increment financing contribution from the city of $1.9 million, or 31.7 percent of the cost. Should the project cost less than estimated, the city’s contribution would be reduced to 31.7 percent of that amount.
Pappas made a rezoning request that would allow the construction of the project, known as Plaza DeKalb, not long after work began on Cornerstone. The new building would require renovation of buildings at
124 N. Second St. and 203, 223 and 229 E. Lincoln Highway, as well as the demolition of a building 209 E. Lincoln Highway.
The building targeted for demolition formerly was the site of Carter’s Cottage home decor and furniture shop and now is the home of Blu Door Decor, an antique store set to have its grand opening Saturday.
In its place, the developer proposes a covered plaza with an outdoor rooftop patio. The other properties will be converted into a four-story apartment building with 23 new units and commercial space on the first floor that would be occupied by a grocery store and a small restaurant.
Despite some critical public comments, the proposal was approved without opposition July 19 by the city’s Planning and Zoning Commission.
The council meeting will be at
6 p.m. in the council chambers of the DeKalb Municipal Building, 200 S. Fourth St.