- Associated Press - Saturday, November 26, 2016

BISMARCK, N.D. (AP) - Developers of a mixed-use retail and residential project in downtown Bismarck will reduce the $35 million tax increment financing district by nearly a third and shortening the time it’ll take to build it.

Cardon Development says instead of taking eight years to develop the FiveSouth project, it should be complete in three years, the Bismarck Tribune reported (https://bit.ly/2gKB80J).

Don Cardon and other partners plan to present reduced cost projections for the project to the Bismarck City Commission during the first quarter of 2017.

The $35 million for the project’s public infrastructure will drop by 20 to 30 percent, and there will be a decrease in the $120 million investment mark the developers have to meet.

This decrease comes even though groundwater issues are forcing contractors to dig down an estimated extra 100 feet, but, Cardon says, “if we don’t deal with it, the property will never be developed.”

The project will include a Sheraton Hotel, a 196-unit apartment complex, seven condos, a restaurant and office space.

“It becomes a district, a destination in a lot of ways,” partner Jim Christianson said.

Cardon said it was difficult for the group to get a full-service hotel for the project, so he and his wife bought franchise rights.

“We chose to invest our own money or it wasn’t going to happen,” he said.

According to Cardon, construction is set to start in spring or early summer 2017.

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Information from: Bismarck Tribune, https://www.bismarcktribune.com

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