Baum Development must shore up all of its financing for the complex Garver Feed Mill project by Feb. 28 according to the city, which has waited two years for progress on the five-acre site behind Olbrich Botanical Gardens.
Baum is reportedly waiting on one final piece to move the project forward — a $2.5 million New Market Tax Credit allocation.
In an email to In Business, Matt Mikolajewski, city economic development director states, “Since [November], the Baum Development team has been in the process of securing the NMTC that they need. They are making good progress … but aren’t 100% there yet.”
Baum’s $19.9 million plan for the 112-year-old structure is to transform it into an artisan food production facility surrounded by microlodging units averaging 250 square feet that can be rented short-term.
If Baum’s proposal falls through, the city’s second choice for the site is an Alternative Continuum of Care plan for a 148-unit, $39.8 million senior housing complex with event space, a commercial kitchen, and a daycare.
