The Jefferson City Housing Authority approved a property tax abatement for the Downtown Mall on Tuesday, allowing property owners Ryan Gilmore and Derek Eilers to take one more step toward renovating the vacant building.
Gilmore and Eilers plan to make several improvements to 206-210 E. High St. this spring including removing the metal facade, replacing windows, painting the bricks, tuck-pointing, guttering and roofing.
They hope to rent the lower level to a commercial business and turn the upper level into lofts or office space, Gilmore and Eilers said previously.
The project is estimated to cost $1.5 million, Gilmore said previously, with the facade improvements alone costing $80,000-$90,000.
The tax abatement would be for 10 years, Jefferson City Housing Authority Cynthia Quetsch said.
Previously the old JCPenney building, the 36,000-square-foot building has sat vacant since July 2014. Portions of the building date back to the late 1800s and mid- to late 1900s.
The Jefferson City Facade Improvement Committee approved Gilmore and Eilers' commercial facade application last month, giving the property owners tax reimbursement for the improvements.
Jefferson City Mayor Carrie Tergin told the Housing Authority she appreciated the tax abatement incentive and hopes the tax abatement and tax reimbursement will help bring the Downtown Mall "back to life."