LINCOLN–(KFOR June 13)–City Council members on Monday agreed to moved forward with a plan that would make way for residential and commercial development of the southwest corner of 48th and Madison in Lincoln’s University Place neighborhood.

Speedway Properties plans to build a three-story, 5,000 square foot building that would house apartments and ground-floor commercial space.  Developers would like to use nearly $2-million in tax increment financing to pay for upfront construction costs and invest about $8-and-a-half million into the project. For TIF money to be used, a redevelopment agreement would have to be discussed between Speedway and the city.

The land used to be home to Green’s Furnace and Plumbing, but the building was destroyed by a fire in 2003. Green’s is now located further north near 48th and Superior.