SAGINAW, MI — The first of several planned tenants in the Bancroft and Eddy buildings in downtown Saginaw has committed to a space, says Luann Stockfleth, project manager for the buildings.

The Bancroft Wine and Martini Bar will be opening in the southwest corner of the intersection of East Genesee and Washington avenues, in the space currently occupied by Medwins Pharmacy. The bar represents the first major step toward investors vision of the Bancroft and Eddy buildings as mixed use space since they finalized the purchase of the buildings earlier this year.

"We have had the architects put together plans for re-configuring space (along the East Genesee side of the Bancroft)," Stockfleth said.

In addition to the Bancroft bar, Stockfleth said they are also in negotiations with local investors to place a restaurant in one of the buildings. She declined to give further details, citing ongoing negotiations between the buildings' owners and restaurant investors.

Stockfleth noted that renovations in the rest of the building have been a slow, yet steady process "because the building has been neglected so long."

"So many things need to be addressed," she added. "But when we put it back together, we want to get it right."

Despite the issues waiting to be fixed, Stockfleth said they still expect to have the Eddy building's residential units ready for occupancy by July 1st, and the Bancroft "by mid-summer."

"Everything seems to be right on track," she noted.

Project investors received more good news last night, as the Saginaw city council approved Obsolete Property Rehabilitation Act (OPRA) certificates, which would freeze property values at the current levels for a portion of property tax assessments for 12 years.