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Bastrop EDC to invest $210,000 in Main Street mixed-use building

Tenants will soon be able to lease space at a future building planned at 921 Main St. in downtown Bastrop, a site that has stood empty for more than a decade after the previous building burned to the ground.

The Bastrop Economic Development Corp., which purchased the lot from the city for $4 last year, says it intends to sell the property to Austin-based Stone Cobalt Partners, which will construct a mixed-use building on the site.

It will include 4,500 square-feet of retail and restaurant space on the ground floor and 4,500 square-feet of office space on the second floor available for lease, as well as a possible rooftop terrace for events.

The group has until March to find tenants for the property. Then architects with KSA Engineers will craft site plans for the future building and construction will begin.

The BEDC will contribute $210,805 to the project, including $87,245 for the land, $30,000 for site plans and $93,535 for repairs to the lot. Engineers have found that the walls surrounding the vacant site are structurally deficient, and without a roof, water has leaked down the slab into adjoining businesses.

Neighbors at Relics Jewelry have pushed for years for officials to make immediate repairs, dishing out $90,000 of their own money to fix a shared wall crumbling from water damage.

But BEDC Executive Director Shawn Kirkpatrick said the remediation will have to wait until the agreement with Stone Cobalt Partners is finalized.

“If they are successful in pre-leasing it, the remediation will be part of the construction process,” he said. “If they aren’t successful, the EDC will need to step in and complete it. We will make a decision in March on how it moves forward.”

Read the full article at Statesman.com