Rockford to extend deadline to reach deal on sale of Barber-Colman complex

March 14, 2022|By Kevin Haas|In Featured, Local, Rockford, Top Stories
The city has plans to sell the sprawling Barber-Colman complex to real estate development firm J. Jeffers. On Monday, Sept. 27, 2021, the city’s Finance and Personnel Committee approved a sale agreement with J. Jeffers for $500,000. (Photo by Kevin Haas/Rock River Current)
By Kevin Haas
Rock River Current
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ROCKFORD — The city plans to extend its self-imposed deadline to complete a deal to sell the sprawling Barber-Colman complex to a Wisconsin developer.

Milwaukee-based real estate company J. Jeffers & Co. has a letter of intent with the city to purchase the complex for $500,000. The initial deadline to complete a redevelopment agreement and finalize the purchase was April 6, but city officials say the deal can’t be finished by then.

“They’ve been doing quite a bit of due diligence in terms of market studies and community engagement and starting to do some preliminary design work, but we don’t have time to finalize the development agreement and take that through City Council for approval,” said Karl Franzen, the city’s director of community and economic development.

Related: ‘Finally, the right match’: Latest pitch to redevelop Barber-Colman sparks optimism in south Rockford

The new deadline will be Dec. 1, although Franzen said that date was chosen to provide ample time to complete the agreement.

“Nothing prevents us from bringing a development agreement to City Council prior to that date,” Franzen said.

J. Jeffers & Co. plans to redevelop the former manufacturing giant into a mix of living spaces and commercial businesses. It’s working with residents and other community stakeholders to determines the total number of units and the type of businesses that will be incorporated into the property. The property would be developed in multiple phases.

“We certainly don’t want to rush given a development as important and sizable as this one,” Franzen said.

Related: Want to know what Barber-Colman could become? Look to Racine, Wisconsin

The city’s Finance and Personal Committee will consider an amendment to the purchase contract with J. Jeffers to extend the deadline before it goes to the full City Council.

This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas