The Downtown Investment Authority board is poised to approve a $7,150,690 city-backed forgivable and deferred loan package for Lotus Commercial USA LLC’s plan to renovate the historic former Furchgott’s Department Store into apartments and retail space.
The DIA Strategic Implementation Committee voted 3-0 on Monday to recommend the board approve the deal at its next meeting.
City incentives paid through the Downtown Preservation and Revitalization Program would fund about 40% of the total development cost for the $17.71 million, 40-unit mixed-use residential project at 128 W. Adams St.
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