The city of Lockport has officially sold the former Dellwood Tire property downtown to a real estate developer, clearing the way for a new multi-purpose residential and commercial building to be constructed.

At its Feb. 18 meeting the City Council voted to sell the property, located at 711 State St., to FORE Investments, LLC, the same Wisconsin-based firm that recently completed the development of The Port apartments at 923 State Street.

FORE is planning to demolish the old Dellwood Tire buiidling and stabilize the property in 2026 before constructing a 38,000 square-foot multi-story building on the land.

The project is anticipated to include 31 “market rate” apartments and approximately 4,000 square feet of commercial space, according to city documents.

The project is expected to cost $9.6 million and be completed by January 2028.

Lockport purchased the lot near the entrance to the downtown area in 2025 and has agreed to sell it to FORE as-is for a price of $10. The agreement also includes guarantees of financial incentives from the city equaling $275,000 per year for ten years to FORE, including the waiving or reducing of associated permit fees.

The agreement also reportedly will set guarantees to make sure the new structure complies with city guidelines and its historic preservation code.

Most of the details of the project are “conceptual” at this time, though city staff said the plan “shows a net positive to the city in the long term.”

Currently the lot is considered “blighted” and generates no revenue for the city. Board documents note that the property could potentially generate $250,000 tax bill annually once occupancy is reached.

Final plans are expected to come before the Planning and Zoning Commission in the coming months for approval following the finalization of the purchase.