COLDWATER, MI (WTVB) – The Coldwater City Council unanimously approved a Letter of Intent from Spire Development on Monday night for the proposed purchase of the Milnes Plaza parking lot.
Spire is hoping to develop a four story apartment complex behind the former Taylor’s Stationers store similar to what was proposed by Excel Realty Group before they pulled out last September.
They want to buy the parking lot as they prepare to submit a Low Income Housing Tax Credit financing application to the Michigan State Housing Development Authority which is due by October 1st.
The proposed project would include 60 one and two bedroom residential apartment units along with a parking deck similar to what was approved two years ago. The rents would run between $628 and $870 depending on the size of the apartment.
The Spire Development’s Thomas Grywalski said they are looking at not putting apartments on top of a parking deck. He said this would be a tax credit development.
The letter of intent establishes an exclusive option on the property. Spire would then develop a detailed market analysis. They are expected to find out next January if their application to the state was approved or rejected.
If approved, a full sales agreement would then be put together with final action by the Council and a closing of the sale anticipated by the end of May of next year
