COLDWATER, MI (WTVB) – Excel Realty Group announced Tuesday morning that they will postpone its proposed 58 unit multifamily development that was to be located in downtown Coldwater.
The development was to be known as Centre Pointe Apartments and it was to occupy the former Taylor’s Stationers space.
Excel President Peter Jobson said that the corporate board has redesigned its investment criteria to locate new property primarily in the southeastern part of the country.
But that, “strategic investment decisions which do not conform to this geography may be reviewed and in the future it is my hope that Centre Pointe may be viewed in this light”.
A statement from Excel went on to say that they continue to believe that Coldwater is a growing, vibrant area with an expanding economy and looks forward to involvement with the City and community in the future.
Jobson stated that Excel’s relationship with the city and its staff “has been outstanding and we wish the City much good fortune in the future”.
City officials were informed of Excel’s decision on Monday. Coldwater City Manager Jeff Budd says they were caught by surprise but he points out Excel still owns the former Taylor’s building and they intend to market the first floor for commercial purposes.
