ST. JOSEPH, Mich. -- On Monday, the St. Joseph City Commission approved a purchase agreement for the sale of a downtown parking lot to The Rienks Group, a developer that plans to build a mixed-use project featuring residential and retail spaces on the property.

City officials say the agreement is for the parking lot at the northeast corner of Broad Street and Lake Boulevard.

The purchase of the parking lot for the appraised value of $700,000 includes several conditions to ensure responsible development of the property, officials said.

City officials say these include requirements that the buyer obtain ownership of the vacant privately-owned land adjacent to the parking lot and obtain all necessary permits.

They add that 57 replacement parking spaces must be made available to the public and apartments cannot be priced above 120 percent of the area’s median income.

“We look forward to this project moving through the City’s review process and hearing from residents during this process. Both the City and The Rienks Group are committed to hearing community feedback and maintaining and protecting the character of our city.”

The Planning Commission will review The Rienks Group's application, hold a public hearing and make its recommendation.

The Planning Commission’s recommendation will then go to the City Commission for consideration.

You can learn more about the proposed development online.