Prendergast Landing Building (Google Maps)
The Prendergast Landing project has been approved a $350,000 bridge loan by the Jamestown Local Development Corporation.
Jamestown Economic Development Director Aili Makuch said the loan is for 10 years at 4% interest, “There is a lot of grant funding from the state going towards this project, and it is all reimbursable. So Rahsaan (Graham) came to us seeking funding to get the get the project continue moving forward. And the intention here is that once he receives those grant funds, the loan will be paid off in entirety, so he will pay normal monthly payments as any other loan would, until that point when he would pay it off.”
Jade Empire LLC is renovating the 12,000 square foot building on the corner of Fairmount Avenue and West Eighth Street as well as two adjacent lots. The refurbished three-story building will feature a small café, a retail outfitter for outdoor activities, and a boutique showcasing local small businesses on the ground floor. The second floor will offer flexible office spaces ideal for entrepreneurs and a multipurpose room for community events. The third floor will provide three residential lofts.
Contractors for the project said they hope to have construction completed by this summer with a grand opening by September.
Jamestown City Council will be voting on the loan on January 26 due to the amount exceeding $100,000.
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