The Greenville City Council has approved a development agreement with the future new owner of the Greenville Commons apartment project.
The council accepted the recommendation of the plan commission.
Greenville Commons, on East Beaumont Avenue, currently consists of two buildings with a total of 23 apartments. It is on the former site of the Greenville Junior High School.
Tut and Tut Properties LLC is in the process of purchasing the property, and expects to close on the deal by the end of this month. The apartments were opened in 2017 and Greenville University bought the property in 2018.
The original developer had plans to construct several more apartment buildings on the site.
City Manager Dave Willey told the city council the future plans for Greenville Commons include purchasing the rest of the ground and continuing development of the property as it was originally planned. That would include nine more buildings, eight of them being apartments and the last one being a clubhouse to serve the apartment buildings.
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Willey said the new developer has a lot of experience with around 450 apartments in the St. Claire metro area currently. He said he is thoroughly involved in the apartment business and understands it very well.
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Raj Tut said his firm first wants to stabilize the current apartments, which will take six months to a year, then additional construction can begin.