COLDWATER, MI (WTVB) – The Coldwater Downtown Development Authority Board approved a sales agreement on Wednesday morning to purchase the former Taylor Stationer’s building for $107,500 for the purpose of being the local agent of the empty building.
The formal action came after D.D.A. board members discussed the real estate transaction in a 40 minute closed session.
Part of the funds for the purchase will come from the sale of the Standard Oil building.
The closing on the property is expected to take place within the next 60 days. Excel Realty Investors of Beechwood, Ohio had been marketing the property.
D.D.A. Board Chair Brad Rockey said he was excited about the future of the corner of West Chicago and North Hanchett.
Coldwater City Manager Keith Baker said once the closing takes place, the city will send out Requests for Proposals like they have done with other buildings.
At this point, the future use of the building is up in the air. Baker said given the opportunity the city wanted to obtain local control for marketing purposes.
The building has been empty since Taylor’s Stationers closed in 2016 when owners Howard and Lola Taylor retired after being in business for 44 years. Excel Realty initially proposed that the building be used as part of a 58 unit multifamily development that was to be known as Centre Pointe Apartments. But the company’s corporate board later decided to locate new property primarily in the southeastern part of the country.
