COLDWATER, MI (WTVB) – The Coldwater Downtown Development Authority Board will be presented with a preliminary site plan Wednesday morning for a proposed four story apartment complex that would be behind the former Taylor’s Stationers store.
Spire Development of Columbus, Ohio will be presenting preliminary and floor plans for “The Lofts at Milnes Plaza”.
A similar development was proposed by Excel Realty Group before they pulled out almost a year ago.
The proposed project would include 41 apartment units. Seven of the units would be one bedroom apartments while the other 34 would have three bedrooms. At last word, the rents would run between $628 and $870 depending on the size of the apartment.
Plans also call for 125 parking spaces.
The Coldwater City Council August 14, 2017 approved a Letter of Intent from Spire Development for the proposed purchase of a portion of the Milnes Plaza parking lot.
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 for a Low Income Housing Tax Credit was approved or rejected.
There are still several hurdles to clear. If everything works out, 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 2018.
