ALPENA — The former Alpena Power Co. property is one step closer to being sold and, if the chips fall as hoped, a large-scale project could follow.

At tonight’s Alpena Municipal Council meeting, Alpena Area Chamber of Commerce Economic Development Director Jim Klarich is expected to announce that a purchase agreement between Target Alpena, which owns the property, and a local developer has been signed. The final sale is dependent upon the developer gathering more information and conducting market research.

Klarich the developer wants to build a facility that will house commercial businesses on the street level and high-end, luxury condominium units on the above floors.

If things go well, Klarich said the sale could close around Christmas.

Check back for updates.