COLDWATER, MI (WTVB) – The development of apartments behind the former Taylor’s Stationers store maybe back on the table.
The Coldwater City Council is scheduled to take action Monday night on a “Letter of Intent” for Spire Development of Columbus, Ohio to purchase the Milnes parking lot in preparation for the firm to submit a Low Income Housing Tax Credit financing application to the State of Michigan.
The application is due to the Michigan State Housing Development Authority by October 1st.
According to a letter from City Manager Keith Baker to council members, 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 letter of intent would establish an exclusive option on the property. Spire would then develop a detailed market analysis. It’s expected Spire will 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.
Excel Realty Group was looking at developing 58 apartment units at the same location before pulling out last September.
The development was to be known as Centre Pointe Apartments but Excel decided to locate new property primarily in the southeastern part of the country.
