by J. Brooks Terry
Staff Writer
The first in what’s expected to be a long list of ventures along Bay Street, developers of the Dyal-Upchurch building persuaded the City Council’s Finance Committee to recommend approval of nearly $150,000 in City-issued loans and grants Tuesday.
Speaking on behalf of Bay Street Fine Arts Marketing, LLC, Downtown Development Authority managing director Al Battle said the money will go toward renovating approximately 7,000 square feet on the building’s second floor.
Barring complications, work should begin in the space by the end of October and wrap within nine months.
When complete, an art gallery and an undisclosed retail operation will open.
“This project is the first applicant through the town center initiative,” said Battle, who added the money is independent of street and landscape improvement funds that were awarded to the Bay Street project last month.
“This is not a duplication of funds,” he said.
Through the terms of that agreement, Battle said Bay Street Fine Arts Marketing, LLC will receive a $114,000 development loan to be paid at four percent and a $10,000 forgivable loan. A $10,000 facade grant will also be issued.
“We’re excited about this project,” said Battle. “We’re hopeful this kind of program will attract other entertainment-themed businesses to Bay Street.”
Responding to Council member Daniel Davis’ concerns that future tenants would come seeking funds to redevelop higher floors, Battle said consideration would only be given to those located on the building’s first or second stories.
“I like that,” said Davis. “I think that’s a good way to encourage a more active street front. Otherwise we would be potentially opening Pandora’s box.”
Michael Munz, who has actively been involved in much of downtown’s revitalization, said the art gallery project “is a perfect fit for the Bay Street Town Center.”
“This is exactly what we have dreamt about ever since we had the concept of reinvigorating downtown and Bay Street in particular,” he said. “This is a fantastic project and we’re all very excited about its potential impact.
“There is a lot of grass roots support for the project because this is something the area can definitely benefit from.”