COLDWATER, MI (WTVB) – After a proposed apartment complex at the former Federal Mogul site on West Chicago fell through earlier this year, developers Coach Road Capital of Spring Lake has found another site in Coldwater.
A draft sales agreement for about 15 acres owned by the City of Coldwater at 421 North Willowbrook Road north of the NCG Cinemas for a proposed multi-family residential unit development is scheduled to come before the Coldwater City Council on Monday night.
Coach Road Capital developed the 210-unit Apartments at Sauk Trail north of Home Depot.
City Manager Keith Baker says in his memo to the Council for Monday’s meeting that the offer for the land on North Willowbrook is in the amount of $30,000 per acre for a total of about $450,000, depending of the total acreages as determined by a survey.
The City, acting through the Coldwater Board of Public Utilities, bought the property south of State Road in 2009 as part of a purchase of about 65 acres for $525,000.
Baker says the land is adjacent to but does not include the one acre parcel which the City acquired in 2008 and on which the CBPU constructed the water tower.
The purpose of the purchase back then was to hold it for development. Baker says a number of contingencies still have to be met to the satisfaction of Coach Road Capital. He adds the agreement is contingent on the City receiving satisfactory easements for the water tower parcel and drainage.
The proposed development at the old Federal Mogul site fell by the wayside after City Council and Planning Commission members raised several environmental concerns and wondered if such a development would be the proper use of the land.
The Council will be asked on Monday to table the North Willowbrook sales agreement for 30 days under terms of the City Charter as the offer was made to purchase City owned property. The Council will also be asked to introduce the sales agreement.
Final action would be scheduled for the September 13 Council meeting.
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