Another downtown redevelopment project is in the works, although the property owner says he's not in any hurry.

Frank "Bud" Sidles and his family own two buildings on the southeast corner of 13th and L streets, one of which is a small commercial building and the other an aging apartment building.

Sidles called the corner "really underutilized," and he sees opportunities there.

According to documents filed with the Lincoln-Lancaster County Planning Department, the redevelopment would involve tearing down both buildings and building one larger building that would have mostly retail and office tenants.

The project has an estimated cost of $6.5 million, about $830,000 of which could be in the form of tax-increment financing, in which increased property taxes generated by the development are reinvested in public improvements at the site.

But Sidles said it could be several years before anything is built.

"We've got to find a lead tenant before we do anything," he said.

Sidles said his tenants, Nha Trang restaurant and A&D Technical Supply, have no plans to leave, but to justify building a new, bigger building, he would need more tenants.

He is going through the process now to identify problems and get the city approvals he needs, he said.

Projects that use TIF must go through multiple hearings at the Planning Commission and City Council. The first Planning Commission hearing is tentatively scheduled for Nov. 18.

In addition to the city, Sidles will also have to work with the Capitol Environs Commission due to the building's proximity to the Capitol.

The 13th and L redevelopment is one of several downtown projects that are either in the approval process or have been recently approved, including two hotels in the Haymarket, a hotel project at 10th and M and the city-owned "catalyst" block bounded by 13th, 14th, P and Q streets.

Reach Matt Olberding at 473-2647 or molberding@journalstar.com.