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The City of Coldwater is offering incentives to developers who will open a downtown brewpub or restaurant at 71 and 73 West Chicago Street, a two-story building with 6,400 ft2 of floor space just around the corner from the historic Tibbits Opera House. In exchange for redeveloping the building, the City has lined up incentives which include a generous lease with option to buy at a below-market price, a tax abatement plan, rebates for façade improvements, and free rent for the first year.
The City received the building at 71-73 West Chicago Street as a donation in 2018. A Request for Qualifications (RFQ) is now available for those who are interested in redeveloping the building and want to submit a project concept. Included in the RFQ are conceptual design renderings, development requirements, proposed rent schedule, and an explanation of the incentives which total over $100,000 in value.
“The City has received a lot of feedback relating to downtown and much of it points in the same direction: our formal planning efforts set out the goal of improving downtown; our market data shows that we can support a brewpub and need more diverse dining options; and our residents continue to ask for more restaurants or a brewery much closer to home. The City and the DDA have worked together on an attractive incentive package, and we look forward to finding a project that will be a good fit in our community” said Keith Baker, City Manager.
The RFQ for the City-owned building 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 through the State property tax foreclosure program. The Coldwater Downtown Development Authority entered into a purchase agreement for the three-story 20,000 ft2 former Taylor’s Stationer’s building during its November 2019 meeting with the goal of incentivizing yet another development project downtown. Other activities in the district include the construction of four new public parking lots, proposed renovations to 4 Corners Park, the creation of an alleyway connecting South Monroe Street to the Tibbits parking lot and new and expanding businesses opening downtown.
If you would like access to this RFQ, Click Here.