MAUMEE, Ohio — A Columbus-based real estate company proposed the building of a luxury apartment complex in Maumee during a city council special meeting Monday.
According to a social media post from the city of Maumee, Metropolitan Holdings proposed a $60 million luxury apartment complex for the Arrowhead business park, which currently houses over 250 businesses.
Based on a proposal document from Metropolitan Holdings posted on the city of Maumee's website, the apartment complex would be located off of Indian Wood Circle behind the Pinnacle. At approximately 20.8 acres, the site would include a clubhouse, swimming pools, a dog park and other amenities.
The range of rents for the units would cost between $1,300 and $2,800, a Metropolitan Holdings representative said during the city council meeting. Units would come in one, two and three bedroom varieties.
Phase one of construction would include the building of 246 units, for which the city of Maumee said during the city council meeting they would provide a 100% tax abatement over 15 years.
The second phase would see the construction of 264 units, for which Maumee would provide 75% abatement for the same 15 year period.
During the city council meeting, city administrator Patrick Burtch was supportive of the proposal, and said young professionals want to live where they work. This development would allow businesses to bring in more employees and reinvigorate the industrial park, which is around 45 years old.
Maumee Mayor Jim MacDonald was also supportive, and compared the proposal to apartments recently built in downtown Toledo, where he said employees have moved to be closer to where they work.
City leaders said the complex would generate an estimated $66.4 million in discretionary income spending, and $3.75 million in income tax during the construction phase and first 15 years.