It looks like you're new here. If you want to get involved, click one of these buttons!
Townsend bought the property in 2008 with plans for an $11.9 million residential and retail complex in the area bounded by Butler Boulevard and Ottawa, Sycamore and Ionia streets.
But later that year, the banking and housing markets crashed and the appraised value of the project sank below the cost to construct the buildings, Townsend said.
“There’s no foreseeable future for being able to improve that property at even a break-even,” he said.