Property acquisition is estimated to cost $9.4 million.
Biltmore Properties has been selected to build a $90-million mixed-use development. The city has purchased about one-third of the 34 acres, and is in negotiations for the other parcels.
The Water Street project property is bounded by US 12 to the north, the Huron River on the west and south and by Michigan Avenue to the east. It's adjacent to the business district.
Plans call for a 75,000-sf to 100,000-sf retail development and 25,000 sf of entertainment and restaurant space, along with about 400 units of residential housing, possibly condominiums or townhomes.
The development has already received a $3.7-million grant from the Clean Michigan Initiative.
The CDBG is a federal program involving funds received from the US Department of Housing and Urban Development to provide grants or loans to eligible counties, cities, villages and townships, usually under 50,000 in population, for economic and community development and housing projects.
Each year, Michigan receives about $45 million in federal CDBG funds.
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