The sale of Coatesville’s largest parcel (26.3 acres), known as The Flats, has been approved by City Council.
Coatesville’s Redevelopment Authority (RDA) recommended the sale of its largest commercial property in the city’s Qualified Opportunity Zone to IDG Development LLC, a Coatesville-based company comprising a joint venture between New Heritage Properties and Activated Capital.
IDG Development has plans for a National Sports and Events Center. The $50 million project sets in motion a much-needed economic development stimulus for Coatesville. The proposed multi-use sports facility, velodrome, and events center will be a world-class facility serving the city and the entire region.
“We have worked hard to assemble a dynamic team to develop and manage the National Sports and Events Center that will drive opportunity and prosperity for the City of Coatesville for generations to come,” said Crosby Wood, Principal of New Heritage Properties.
“Our investors are very pleased with our existing involvement in Coatesville, and the double-bottom-line achievements made so far from our Qualified Opportunity Zone portfolio,” said Josh Burrell, Managing Partner of Activated Capital. “The Flats project is a perfect progression that allows us the opportunity to continue to leverage our collective strengths and make additional impact in the community.”
“The RDA is very excited about the proposed sports and events center project,” said Joseph DiSciullo, Chairman of the Coatesville Redevelopment Authority. “The project will make Coatesville a destination for those in the area and beyond. In addition, it will provide jobs, an economic boost to encourage revitalization of the downtown, and youth programs for our young folks. I am thankful for the efforts of the RDA Board members and City Council for their support of the project.”
“This is a major project that will create multiple ripples in the sea of development, including housing, job creation, education, small business development, infrastructure, transportation, and quality-of-life improvements, but it is only the beginning,” said Coatesville City Manager James Logan. “It sets the stage for new investors to turn to Coatesville as they recognize the cultural richness and the hard-working spirit from generations of steelworkers who put Coatesville on the industrial manufacturing map. It’s that same passion that drives our residents today. This is more than an economic shot in the arm — it’s a turning point toward a revitalized city and region.”