COLDWATER, MI (WTVB) – The Coldwater City Council approved a resolution on Monday night which allows Coach Road Capital of Spring Lake to buy about 15 acres owned by the City of Coldwater at 421 North Willowbrook Road. The property north of the NCG Cinemas would be used for a proposed multi-family residential unit development.
Coach Road Capital developed the 210-unit Apartments at Sauk Trail north of Home Depot.
They offered to pay the city $30,000 per net acre (exclusive of road right-of-way) for an estimated purchase price of $450,000.
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. The purpose of the purchase back then was to hold it for development.
Coach Road Capital had wanted to develop the old Federal Mogul site on the city’s west side but those plans 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. In addition, the City Council approved the introduction of an agreement to sell the remaining ten lots the city owns on Thompson Boulevard to Westview Capital, LLC, which is an affiliate of Allen Edwin Homes of Portage. The earliest that it would be permissible under the City Charter to approve the sale would be during the City Council meeting on October 25.
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