Woolworth Building

Photo - The Woolworth BuildingThe five-story commercial Woolworth Building fills a major vacancy in the heart of downtown.

In December 2010, Bennett Management Company purchased the vacant site, formerly the Woolworth Department Store, next to the Broadway Commerce Centre. A combination of public and private funds were used to construct the $11 million investment featuring ground floor retail space, office space, and on-site parking.

To support this project, the City transferred its $6.9 million Recovery Zone Economic Development Bonds allocation to allow the bank financing on the project to achieve tax-exempt status to generate a lower interest rate. The City also provided a $1.3 million Downtown Revitalization Loan and committed to lease up a portion of the building.