DTN Management Co. purchased a deed Friday for a major former City Center II property from an investment group and reached an agreement with its current owner to allow them time to redeem it from foreclosure.
The buildings have been abandoned for years, and the strip of properties have not been developed because of a series of financial issues.
DTN purchased the deed from ROB, LLC and extended the redemption period a second time for CADA Investment Group, LLC — the owner of 100 W. Grand River Ave. — three more months.
Now, CADA has until June 18 — before ownership transfers to DTN — to redeem the property from foreclosure by paying the amount of the sale and other fees, according to county documents.
The property was foreclosed in October 2012 and was sold at a sheriff’s sale to ROB for more than $533,000.
The 100 W. Grand River Ave. location originally was proposed as part of the City Center II project. It was rejected last June because it was deemed financially infeasible.
DTN bought the deed for about $580,000, said Colin Cronin, a DTN vice president.
Cronin said DTN also is negotiating with Strathmore Development Co., the holding company for CADA, to buy 341 and 345 Evergreen Ave. and 124 to 140 W. Grand River Ave.
“We’re trying to talk to Strathmore and come up with some agreement,” he said. “At this point, nothing.”
DTN is proposing to develop the three properties not part of the park district plan into a mixed-use building with apartments and retail.
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