Project focuses on Main Street building in Estacada
The Estacada Urban Renewal Agency will help fund a project that will bring a mixed use residential and commercial building to Southeast Main Street.
During a meeting Monday, Feb. 8, the agency awarded a grant of up to $250,000 to the project at 344 S.E. Main St. by Heath Stalcup and Heritage Properties and Investments. A letter of commitment will likely be signed within the next few months.
The project would demolish the building at 344 S.E. Main Street, which previously housed Lents Auto Parts and is now vacant. The property would be redeveloped into a 7,770- square-foot, two-story building. It would consist of six 2-bedroom apartments and 1,800 square feet of ground floor commercial space.
Each apartment will be approximately 900 square feet, and monthly rent will start out at around $1,000.
Stalcup told the Urban Renewal Agency that he owns 21 rental properties, most of which are in Estacada and Eagle Creek.
"I always feel like everybody needs a place to stay," he said. "If you treat a renter right and you treat them good, and you have your place price slightly under the market, then they're going to stay there longer. They're going to take better care of your place."
The agency unanimously approved the grant.
"When you look at development that's really going to add value, both in terms of taxation as well as intangible things like walkability, aesthetics and function of downtown, I feel like the arguments stack up far more on the side of funding versus not," said Estacada Economic Development Manager and Urban Renewal Project Manager Matt Lorenzen.
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