Downtown Milford Development To Offer Retail, Residential, And Parking Space
January 22, 2018
A new multi-level development coming to downtown Milford will include retail, residential, and parking space.
Village officials recently signed a planned unit development agreement and a bond resolution for the project, which will be located at Commerce and North Main Street. Ann Barnette, Executive Director of the Downtown Development Authority, says the building will technically be about three and a half stories tall, as the fourth story will be set 20 feet back from the street. The first level will be utilized as retail and office space, the upper floors will be comprised of 16 residential units, and the structure will be topped off with a parking platform at the Main Street grade behind the building.
Barnette says there are several factors that make the $2.5(m) million investment a worthy addition to the downtown, noting there is a demand mostly from baby boomers for residential units in the area and the need for extra parking. The project will also include excavation of the hill on the site, which will help remove contaminants left behind by a former gas station.
Barnette says the development really has been in the works since 2004, but the recession caused the DDA to exit from the first purchase agreement. When the property came back on the market in 2015, they were able to purchase it for a third of the cost they originally negotiated for. Barnette expects they’ll be able to close on the entire project in mid-to-late March. (DK)