The project is to include 130 residences and 15,000 square feet of commercial development.
There will also be a match of more than $2.4 million on the bridge project, according to the announcement.
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The project calls for a 48-foot-wide, two-lane structure with shoulders and an 11-foot-wide dedicated pedestrian/bike way with barrier separation. The project is to include improved horizontal alignment and a new vertical profile to moderate steep vertical grades on the King Avenue approach.
Also, there is to be a new tunnel crossing of the river under Grandin Road and a relocated parking area for the trail.