Loan approved for downtown ‘bank building’

Published 9:25 am Friday, June 26, 2009

The Austin Port Authority approved a $150,000, interest-free loan Wednesday for Main Street development in and around an old bank building.

Patrick Bradley, an Austin native and Twin Cities attorney, received the loan to work on buildings he owns on the corner of Main and Second Avenue Northeast. He will be looking to install an elevator and do other interior work to make the old bank building and surrounding property more attractive to businesses.

Bradley has previously said it would be nice to have an upscale Italian restaurant move in, though he said he’s open to other suitors. He also said he’d like to bring a Grand Avenue feel to downtown Austin, a reference to the iconic St. Paul street.

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The loan is for 15 years, though Bradley won’t begin making payments until year six.