IM approves tax break for Sandstone project
IRON MOUNTAIN — A developer’s plan for new apartments on the second floor of the Sandstone building on East Ludington Street is eligible for a nine-year tax break under a certificate authorized by Iron Mountain City Council.
The taxable value of the building will be frozen for the duration of the Commercial Rehabilitation Exemption Certificate, even as an estimated $700,000 goes toward improvements, explained City Manager Jordan Stanchina.
“This is helpful for the downtown area,” he said.
A hearing on Beau Anderson’s application was held Monday with no public feedback received.
Anderson, of Eden Property Collection of Norway, hopes to begin construction in February with completion by summer, planning “high end” one- and two-bedroom apartments under the name Sandstone Studios.
In his application, Anderson noted the project will help fill a gap in quality housing while utilizing an historic downtown structure.
The Sandstone building at 208 E. Ludington St. dates to the early 1890s. It was purchased by the city in about 1900 and used until 1994 for city offices as well as fire engine bays. Under private ownership, it has had mixed commercial and residential uses the past 25 years.
Jim Anderson can be reached at 906-774-3500 ext. 226 or firstname.lastname@example.org.