COLDWATER, MI (WTVB) – The Coldwater City Council approved an Amended Brownfield Plan and tax increment financing district Monday night for a proposed apartment development on the east side of the city.
Brian Papke from Redstone Homes of Grand Rapids says they are developing 228 multi-family residential units on Carriage Circle north of the Home Depot store with a total capital investment of $38 million.
The 19 structures are expected to have 12 residential units each with several amenities on the property.
City Manager Keith Baker said in his memo to the Council that there would be 133 two-bed and 95 three-bed housing units with about 68 units being income-restricted to 90 percent of Area Median Income for 15 years.
Under the plan, Redstone would be reimbursed for road and utility infrastructure expenses incurred in developing the subdivision and eligible housing activity.
The City of Coldwater’s Brownfield Redevelopment Authority approved the TIF District on June 30. The duration of the amended Brownfield Plan is estimated to be 16 years. Construction is expected to take three years and is planned to begin this fall.
In other development news, the City Council gave final approval on Monday night for the sale of 20 acres of city-owned land at 421 North Willowbrook Road which will be used for a new multi-family apartment complex with plans for 210 units.
The land in Coldwater Township was acquired by the city in 2009 and is being sold for $17,000 an acre.
The Coldwater Board of Public Utilities Board of Directors previously approved the agreement that the City of Coldwater entered into with Trotline, LLC of Spring Lake, which is managed by Coach Road Capital.
Coach Road was the developer of the Apartments at Sauk Trail, north of the Home Depot, as well as the Summit Apartments on North Willowbrook Road.
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