Empty City Market could become 250 unit apartments

GRAND JUNCTION, Colo. (KKCO) - A Front Range based firm wants to build an apartment complex on the site of the empty City Market building at First and Rood.

Richmark Companies of Greeley, Colorado says they have purchased the land and want to build a 65 million dollar residential complex. The Downtown Development Authority and city councilors discussed development incentive at a Monday night meeting. The proposed project “The Junction” would be a 250 unit multi-family project.

Richmark is asking the city and DDA for help by waving permit fees, plan review fees, impact fees and more. Regardless of what the city decides a development of this size could bring a big economic lift to downtown Grand Junction. “The infusion of that many new housing units into our downtown gives us economic resiliency to be able to weather uncertainly. Said Brandon Stram, Executive Director of the DDA. “Like with covid, that tourism spout was turned off so it gives us more resilience and it gives the businesses more of a customer base.

Richmark is also asking the DDA to provide 3.5 million dollars in annual assistance through the term of the DDA.