KALAMAZOO (WKZO-AM) — The developers of the Exchange Building, proposed to be built on one of the hottest properties in Kalamazoo County, are once again seeking local tax breaks.
The project has been revised more than once since it was first announced in 2011, but has suffered a series of financial setbacks that have delayed the start of construction.
The building at West Michigan Avenue and South Rose Street is named for the small alley that runs along the back of the property.
The original plan was to build a nine-story, $24 million building that would include retail, commercial space and about 50 apartments. The latest version would cost $35 million, stand 12 stories tall and include 140 market-rate apartments, commercial space, several floors of office space and a few floors of parking.
The Downtown Development Authority approved a $1.3 million tax break on Monday and another request will be submitted to the Brownfield Redevelopment Board on Thursday. The aptly-named group behind the project, Phoenix Properties, hopes to break ground this fall if they can get the financing together in time.
