Portion of former City Center II project facing foreclosure
A portion of the former City Center II project will be foreclosed on Monday if outstanding fees are not paid, according to the Lansing State Journal.
The property, 100 W. Grand River Ave., the site of the former Citizens Bank, was sold last October for $533,000 to ROB, LLC.
The property had a $600,000 mortgage on it.
The property previously was part of a redevelopment proposal for the area. The proposal was rejected by both the planning commission and the city council because of concerns with parking in the area.
CADA Investment, LLC, the property owner, had 120 days to pay the sale price fees and interest, which need to be paid by Monday to bypass foreclosure.
The interest on the property was about $355 per day, according to the Lansing State Journal.
The City Center II project has had a long history of trouble.
The project was rejected last June by the city council.
The council declared it financially infeasible.