City Works Towards Attracting a Downtown Grocery Store
Madison, IN—The City of Madison Redevelopment Commission has authorized Mayor Bob Courtney to negotiate a conditional agreement to purchase real estate located at 120 E. 2nd Street, commonly known as the former Ruler Grocery Store. The purchase agreement will include the entire building and the adjacent parking lot at an estimated cost of $525,000 payable over the next two years.
“Our recently completed market feasibility study demonstrates the need for a downtown grocery exists and can be supported. The purchase of this real estate removes a significant barrier for potential grocery store prospects. We hope that this investment will attract owner-operators for a full-service downtown grocery store,” said Economic Development Director Matt Wirth.
“The purchase of the Ruler property is part of an overall revitalization strategy the city has embarked on over the past year. Improving our city gateways, eliminating blight, attracting private investment, destination development through public art, and gaining site control for the future development of a full-service downtown grocery are all key initiatives of this administration. With the support of City Council and the Redevelopment Commission, along with forging community-wide partnerships, the city is on track to achieving its goals of improving property values and the quality of life for all Madisonians,” said Mayor Bob Courtney.
Authorization to enter into the conditional agreement to purchase the property is the first step in the process, followed by significant due diligence. The City of Madison will keep the community updated as plans progress.