Two of the last underused properties around the downtown Celina square are lined up for redevelopment under an incentive agreement the city has announced.
The City of Celina has approved an economic development agreement with Celina Real Estate, LLC covering 102 N. Ohio St. and the historic Mayer Building at 313 W. Pecan St. Together the projects represent about $7.5 million in private investment, according to the city.
A new building at Ohio and Walnut
At 102 N. Ohio St., on the corner of Ohio and Walnut streets, the developer plans a new two-story commercial building of roughly 12,400 square feet. Its facade is to borrow from the look of the gas station that once stood on the lot.
Plans call for about 7,200 square feet of shops and restaurants and about 5,200 square feet of offices, an estimated $6 million investment.
Restaurants in the Mayer Building
The Mayer Building on Pecan Street would be renovated to hold at least 5,000 square feet of restaurant space, a $1.5 million project.
What the city puts in
The deal is a Chapter 380 agreement, which ties public money to performance. The Ohio Street project can earn 25% of its verified capital investment back, capped at $1.5 million. The Mayer Building project qualifies for a flat $800,000 once the developer shows it has met the required investment.
The combined ceiling is $2.3 million, and the payments come from Tax Increment Reinvestment Zone No. 11.
The agreement sets deadlines. Work on the Mayer Building must start by Jan. 1, 2028, and finish by June 1, 2029. Construction at 102 N. Ohio St. must begin by Oct. 1, 2028, and wrap up by March 1, 2030.
"Downtown is the heart and soul of Celina," Mayor Ryan Tubbs said in the city's announcement, adding that returning the properties to use would create opportunities for businesses, residents and visitors.
Anthony Satarino, president of the Celina Economic Development Corporation, said new dining, retail and office space would give people more reasons to spend time downtown.
The city's release does not name any tenants for the restaurant, retail or office space.
Sources
celina-tx.gov