Image by Justin Chan- Valley Creek Productions
April 15, 2021 – Coatesville, PA – The sale of Coatesville’s largest parcel (26.3 acres) known as the Flats was approved by a resolution on Monday, April 12 during a City Council meeting. After carefully vetting proposals, conducting public meetings, project reviews and negotiations, 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 revealed plans for a National Sports and Events Center at Coatesville’s gateway during a city council meeting in March. 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,” says Crosby Wood, Principal, 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. 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,” says Josh Burrell, Managing Partner, Activated Capital.
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.”