COLDWATER, MI (WTVB) – The Coldwater Board of Public Utilities Board of Directors forwarded a request to the City Council Wednesday night to sell city owned land to a developer who has offered $30,000 an acre for 14 acres of land by the Willowbrook Road water tower.
Coach Road Capital, LLC of Spring Lake has offered to buy the land after their attempt to purchase nine acres of city property at the former Federal Mogul site on West Chicago failed to come to fruition.
The proposed use for the property is to build additional multi-family housing. Several hurdles remain to clear before the land can be sold.
Coach Road developed the 210-unit Apartments at Sauk Trail north of the Home Depot on the east side of Coldwater.
CBPU Director Jeff Budd says the 65 acre property on Willowbrook Road was originally purchased in May 2009 at auction for a price of roughly $8,000 an acre by the utility’s Electric Department.
Plans to develop the property ended when federal E.D.A. grants ceased. The land has since then been rented out for farm ground.
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