A proposed 108-unit apartment development in Milton took another step forward Tuesday when the city council approved a TIF agreement.
The agreement says the city will grant $252,000 in TIF incentives annually for 10 years starting Aug. 31, 2023.
The property, which is at the intersection of Parkview and Blanche drives, used to be part of Pierce Farms. The value upon completion of the apartments is estimated at $12.6 million.
Under the agreement, Red Hawk Apartments of Milton will construct 108 apartments in three buildings on a 12.61-acre site. The development will feature 72 one-bedroom units, 24 two-bedroom units and 12 three-bedroom units.
“It is something that we are very excited about in Milton and in this region,” City Administrator Al Hulick said. “Everything that we have seen from the developers leads us to believe that this is going to a very high-quality project.”
Hulick said the council approved a “hybrid” agreement, which is unusual in that it combines parts of standard commercial and residential agreements.
The project, which will have public infrastructure and utilities, is the largest housing development of its type in Milton since 2008, Hulick said.
“It’s a matter of what kind of community you want to be. ... There’s a need for housing in the area of different sizes and shapes,” he said.
Developer Yost Enterprises of Illinois now must finalize construction documents with the city and begin applying for permits. CEO Jeremy Yost said construction should begin in the next month.
“If we can get started this year and Mother Nature is kind to us, we should open in 2020,” he said. “We’re looking forward to a nice development in Milton.”