Luxury Apartment Project in Downtown Cold Spring Moves Forward
COLD SPRING -- Plans are moving forward to build a luxury, senior-living apartment complex near downtown Cold Spring.
The project has been in the works for over a year now. Led by MNX Properties, President Gary Stang says he's been negotiating with the city to lower some of the fees associated with the project.
"Because of the building we wanted, and we're very specific there as to what product we wanted, the cost came in higher where we didn't have anything that we could cut out. So I went to the city to ask if they'd please consider waving the water and sewer access charge. They were very generous in doing that and they've been great to work with."
The complex will be in the Granite Landing area near downtown. Stang says developing the type of land has not been an easy task.
"Any piece of property has its challenges, this one's been unique in several different ways because of a creek running along its north side, designated trout stream, and of course the Sauk River running along its east side."
Since the property is more difficult to develop and the city would like to see the complex be built to help grow the downtown economy, the council was more inclined to waive the sewer and water hook up fees to help the project get going.
The apartments will cater to ages 55 or older, it's expected to feature 50 units, underground parking, large community rooms, exercise rooms and possibly a salon.
Stang says he hopes to break ground on the project before the end of the year.