DTN Management Co. extended its redemption period with CADA Investment Group, LLC — the owner of 100 W. Grand River Ave. — last week, according to county documents.
The documents were filed with the Ingham County Register of Deeds on June 11, giving CADA until July 18 to redeem the building from foreclosure.
DTN Management Co. originally purchased the deed from ROB LLC on March 15, and reached an agreement to redeem it from foreclosure by June 18. The move is the third such extension for CADA, which now has a month to redeem the property by paying the amount of the sale and other fees, before ownership transfers to DTN Management Co.
The property was planned to be a part of the City Center II project until it was deemed financially infeasible by the East Lansing City Council last year.
In a previous interview with The State News, DTN Management Co. Vice President Colin Cronin said the deed was bought for “about $580,000.”
In Oct. 2012, the property was foreclosed and sold at a sheriff’s sale to ROB for more than $533,000. Several amendments have been made to an agreement between CADA and ROB to extend the redemption period.
DTN Management Co., along with Lurvey White Ventures, is among one of two developers competing to acquire the Park District area. DTN Management Co. is proposing to use the vacant land to build a 400-space parking structure and a 10-story building with hotel and residential units.
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