COLDWATER, MI (WTVB) – The former Gillespie Funeral Home could provide future housing in downtown Coldwater.
Southern Michigan Bank & Trust owns the property and it was stated in a news release issued by Southern on Monday that they are currently working with the City of Coldwater and the State of Michigan to apply for grant funding which would be used to restore the building and turn it into a seven unit housing structure that would be known as “Southern Flats.”
The project is contingent upon receiving Michigan Economic Development Corporation funding through its Rental Rehabilitation program since a substantial investment is required to rehabilitate the structure and bring it up to code.
Through this program, the project is eligible for $420,000 of grant funding to help offset the total project cost which is currently estimated at $1 million.
A significant part of this process includes approvals by the City of Coldwater Planning Commission, the Historic District Commission and the Coldwater City Council.
They need to approve the rehabilitation plans and show support for the project.
Southern Michigan Bank and Trust Chairman and CEO John Castle says, “We have spent a great deal of time and money to determine the best use of this property considering the needs of our community and what makes sense for downtown. Southern intends to submit a complete application to the MEDC this spring and hopes that our project will receive funds to move forward” .
Southern has partnered with the City in the past including the financial institution’s contribution to the Downtown Development Authority’s Low Interest Loan Pool Program.
A public hearing on a special use permit has been scheduled for the Coldwater Planning Commission’s meeting on January 4, 2021.
The final funding decisions will be made by the Michigan E.D.C. staff in early Spring.
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