The Ferndale City Council recently agreed to allow the negotiations to go forward with talks for a six story parking structure and residential units. Apparently, the new development would bring $173,000 and annual taxes and hundreds of new parking spaces. The project would cost over $7 million.
The structure, which would be located just east of Woodward and south of 9 mile, would offer 390 parking spaces under one potential plan and 455 under another. The average cost per parking spot would be about $15,000. According to the City Council, the area has been targeted as needing additional parking by the Downtown Development Authority.
It is hoped that an agreement can be reached by the end of the year.