The Ottawa City Council approved a redevelopment agreement Tuesday for the property at 209 W. Main St., currently home to Ottawa Office Supply.
The project will involve renovating the building to include commercial space on the first floor and apartments on the second.
Estimated costs for the project total $604,000, with tax increment financing funds covering expenses for land acquisition, renovations and infrastructure improvements.
Mayor Robb Hasty clarified that Ottawa Home Supply will remain open for at least the next two to three years under a lease agreement, despite plans to remodel part of the building into two luxury short-term rental units.
The developer, Gioia Group LLC, will seek reimbursement from the city’s TIF fund for eligible project expenses later this year.
Gioia is required to complete the project within 12 months of signing the agreement.