An agreement between two investment groups will give the owner of a former site for City Center II more time to redeem it from foreclosure, according to Lansingstatejournal.com.
CADA Investment Group, LLC, the owner of the 100 W. Grand River Ave. site, has until June 18 to redeem the property from foreclosure before transferring it to a new owner, ROB, LLC, according to LSJ.com.
The extension was filed Friday with the Ingham County Register of Deeds, according to LSJ.com.
The property was foreclosed in October 2012 and was sold at a sheriff’s sale to ROB for more than $533,000.
Now, CADA has until June 18 to buy back the property by paying ROB back for the amount of the sale, along with daily fees and interest rates.
Previously, the two groups filed an agreement for CADA to redeem the property on March 18 from its original Feb. 25 deadline.
The 100 W. Grand River Ave. location originally was proposed as part of the City Center II project. It was rejected last June as it was declared financially infeasible by the city.
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