The Fenton Downtown Development Authority and the Fenton City Council announced Wednesday night that they are going ahead with plans for a 30,000-square-foot building at the southeast corner of .
The building would be named "Cornerstone," for its prime location at the corner of two of Fenton's main downtown streets. The proposed project would be a three-story building with restaurant and retail space on the first floor, office space on the second and loft apartments on the third.
"This is an iconic development," said Jerry Mansour of Mansour Realty, who has been working with the DDA on everything from the acquisition of the property to finding an architect and tenants. "We'll be bringing people downtown-- from the Fenton community but also people from other communities."
The . It is a family company owned and operated by Fenton residents Khalil Saab and his children Ghassan and Elisabeth. The group has managed both commercial and residential properties for more than 20 years.
"We're excited about the potential for this project," said Ghassan Saab. "We know it's a time of economic uncertainty so we're moving forward prudently, cautiously and optimistically."
The architect working with the DDA on the project, Stephen A. Auger & Associates, presented his design that brings back an older, downtown feel and said that he wants the building to last for 100 years.
The proposed project, which will be done in three phases, also includes two other possible future developments, would include nearly 75,000 square feet or 1.5 city blocks of commercial and residential space.
Fenton Downtown Development Authority director Michael Burns said the first phase of the project will cost $4 million without interior work, with funding coming from the private and public sectors. It is expected to create when it is completed.
"We keep saying that this project has a lot of moving parts," said Burns. "But if everything goes the way we want it to, we're hoping to break ground in the spring of 2012."
"I'm really excited about this project," said Mayor Sue Osborn, "it's a great time to be in Fenton."