Gadsden City Council approves site prep for Coosa Harbor riverfront project
The Gadsden City Council has approved a resolution to advance the Coosa Harbor development project, marking a significant step towards revitalizing the city’s riverfront. The agreement with Coosa Harbor, LLC outlines a commitment to create a vibrant five-acre development featuring multiple retail restaurants and around 20 condominiums. Gadsden officials regard this initiative as a game-changer for the city, which is poised to open new avenues for economic and community development.
City incentives include the conveyance of property behind existing fast-food locations and a commitment to provide up to $1.5 million in site preparation through goods and services rather than direct cash payments. Developer Patrick Lawler is expected to invest $20 million into the project, aiming to replicate the success of the City Harbor in Guntersville, which has seen substantial economic growth. Once operational, the city anticipates generating approximately $1 million in annual sales tax revenue.
Timelines are integral to the agreement; after securing retail deals, construction must begin within 18 months, with project completion expected in four years. If these conditions are unmet, the property reverts to the city. Mayor Craig Ford expressed enthusiasm for Coosa Harbor, emphasizing its potential to attract investment and stimulate growth along the Coosa River. The council’s support and a potential economic development study are seen as vital components in maximizing the project’s long-term impact on Gadsden’s economy.
Read the complete article here: https://abc3340.com/news/local/alabama-etowah-county-gadsden-city-council-approves-resolution-authorizing-site-preparation-for-coosa-harbor-development-project
