The City of Coldwater’s Downtown Development Authority (DDA) is seeking developers to renovate 60 West Chicago Street, a three-story building with over 19,000ft2 floor space just down the street from the historic Tibbits Opera House. In exchange for redeveloping the building, the DDA has lined up incentives which include a generous below-market sale price, a tax abatement plan, rebates for façade improvements, and assistance with applying to any state and federal grant programs offered to downtown development projects.
The DDA purchased the building late in 2019 with the goal of encouraging downtown development that meets the needs of the downtown district and community at large. A Request for Qualifications (RFQ) is now available, allowing potential developers to submit proof of their qualifications and intentions. Included in the RFQ are a list of preferred development features and an explanation of the incentives. Some of these preferred features include mixed-use development and ground floor space for retail.
“The DDA has a history of incentivizing large development projects downtown and we are excited about our newest opportunity. It is a privilege to be able to help restore this building and honor its rich history. For the right developer and the right project, we are ready to offer a compelling purchase price and other supports. There is so much potential for 60 W. to become a downtown landmark once more,” said Brad Rockey, Chair of the Coldwater Downtown Development Authority.
The RFQ for the DDA-owned buildings is part of a larger effort to revitalize downtown Coldwater as residents, businesses, community organizations, and the municipality look for ways to improve the district. In November, the City of Coldwater approved a development agreement for a restaurant and upper story apartments at 10 S. Monroe street, a building which it acquired in tax foreclosure. Other activities in the district include a plan to renovate the 4 Corners Park; thecreation of an alleyway connecting South Monroe Street to the Tibbits parking lot that will host public restrooms; two new businesses set to open this Spring, and a new summer downtown event series to be announced later this Spring.
Interested applicants may find the RFQ here, or find out more by contacting Audrey Tappnden, Economic Development Assistant, at 517-279-6913 or [email protected].