City unveils funding plan for Dexter Plaza renovation | News
MONTGOMERY, AL (WSFA)- The city of Montgomery's dream is for One Dexter Plaza to be known as Questplex with the Children's Museum of Alabama and the City/County Library of the new century as the centerpieces. The name and logo are already on the building.
"It's dark down here and we want to be bring life to Dexter Avenue," Montgomery Deputy Mayor Jeff Downes said.
Downes says it's going to take about $20 million dollars to pump life into this building that officials say will literally be a quest of knowledge and an interactive experience using state of the art technology.
"The money hasn't already been received yet. It is in the works. There has been some seed money and grants close to a $1 million have been received and are in the bank," Downes said.
Officials say design cost alone will be around that amount. Tim Cantey is project manager for TCU Consulting Services. This is the tenth project this company is overseeing for the city. He says there's cash on hand to start the exterior work.
"The exterior facade is a definite must on all ends and all sides," Cantey said.
The building is 175,000 square feet. The Children's Museum and the library will take up most of that space. City officials say other tenants will occupy the rest of the building, possibly a coffee shop of retail store. Many residents are looking forward to this being the new anchor of Dexter Avenue.
"I think it's fantastic. It's a great visual anchor from the opposite end of the capitol. It will move people up commerce and begin to move people down Dexter avenue both visually and physically," Montgomery resident Bill Cunningham said.
"I think if the retail comes downtown, it will bring more and more people downtown," Montgomery resident Margaret Cunningham said.
The new Questplex is expected to be ready by the fall of 2014. Private fundraising is expected to start this Fall. Officials hope to raise at least $5 million in private donations.
Tenant income and $4 million dollar in new market tax credit equity will also pump funds into this project.
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