The city of Red Wing has been awarded just over $204,000 in Redevelopment Grant funds for demolition and public infrastructure improvements on a 0.37-acre site downtown where Mike’s Barber Shop currently is.
Historically used by a shoe store and insurance company, the site will be redeveloped into a four-story, 36-unit apartment building with 600 to 800 square feet of commercial space.
The project is anticipated to create four jobs, increase the tax base by $63,565, and leverage $6.8 million of private investment.
Matching funds will be provided by the developer, tax increment financing, and the city.
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