A $4-Mil Restaurant and "Basement Ultra Lounge" Planned for 1400 Main
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What you see above is 1400 Main Street, directly across from the Davis Building and next door to City Tavern. Right now, it's but 11,000 square feet of nada, a 1954-built building on the tax rolls for some $2 million that isn't generating a cent in tax revenue for the city. Which is why, at tomorrow's marathon end-of-the-year city council blowout, the council will likely approve a development agreement with the building's owner, Brian Foster, who's promising to invest $4 million in the property in exchange for $475,000 from the City Center Tax Increment Financing District.
The city will pay Foster $275,000 one year after the building gets its Final Certificate of Occupancy -- which should be around April 1, 2009, according to tomorrow's agenda, where 1400 Main takes up Items No. 46 and 47. He'll get another $200,000 one year after that. And for what? Says the agenda: "The project includes the renovation of the building with a full-service restaurant, basement ultra lounge and a second-level upscale dining and cocktail area." After the jump, a peek at what the outside of the building's supposed to look like upon completion. --Robert Wilonsky
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