An initial agreement with a Lake County firm approved Monday by Wildwood commissioners sets the stage for the revitalization of the city’s downtown.
The memorandum of understanding with GC Development of Lake County, a precursor to a final agreement, calls for the company to build a 126-space parking garage and develop two historic Main Street properties acquired by the city last year.
GC Development, which has been involved in similar projects in other cities, also is known as G3.
“When this project comes to fruition, it will stimulate investment in the downtown,” said City Manager Jason McHugh, who negotiated the agreement. “We want to make sure it works well for the city and it works well for G3.”
The agreement calls for the city to turn over a small Main Street parking area to G3, which would build the parking garage. The firm would lease the garage to the city, which would maintain and eventually take ownership of it.
G3 also would buy the two historic properties and develop them.
Both sites are roughly across the street from City Hall.
The historic properties are vacant and dilapidated. When the city bought them, officials said they wanted to redevelop them and preserve their historic nature.
Downtown properties on the east side of Main Street were torn down in the 1960s for expansion of U.S. 301.
“I’m very excited with what Jason has done with G3,” said Mayor Ed Wolf. “It certainly will set the stage for the city of Wildwood. This is going to be the icing on the cake.”
Wolf said he expects the same results in Wildwood that G3, founded in 2011, has done in other cities, which he described as “eye-opening and earth-shattering.”