Bob McNeil of Penguin Properties has offered the cash-strapped Coatesville Redevelopment a reported $2.5 million for the Flats, a 26-acre site critical to the city's downtown revitalization hopes.

McNeil's offer was made public at Monday night's RDA meeting. The purchase price was not mentioned. City Manger Harry Walker refused to comment on the exact amount.

An artist rendition of how Bart Blatstein originally proposed developing the Flats Related Stories: Coatesville's revitalization gets physical with Carlson demolition Coatesville buys riverwalk property Coatesville approves borrowing $8.5 million

McNeil was vague on how or if he would develop the property, other than saying he wanted to spur development. But his reported $2.5 million offer comes at a time the RDA is facing a $7 million loan repayment next year. If the RDA agreed to McNeil's offer, he would close on the deal with 75 days, according to Frank LaMarr who spoke on behalf of McNeil at the RDA meeting.

LaMarr said Penguin Properties would be willing to work with others who wanted to develop the property. He said McNeil would consider developing the property only if it made economic sense. Otherwise, he said, "We would put a sign on it and actively seek someone to use it,"

Said McNeil: "I think you are in better hands selling it to someone who lives here."

McNeil has been actively involved in philanthropic endeavors inside the city. Last year he and his wife, Jennifer, donated $70,000 to the city to keep the city swimming pools open. Budget problems threatened to close the pools.

RDA Member Ernie Campos expressed concern no timely development was proposed. He said he didn't want to see the Flats sit in their inventory of property for sale.

"We can approve it, reject it, or talk about it," said Authority Member Joe "Zeke" Disciullo. "I think we should talk."

McNeil left open the possibility of working with one of the other developers who are expressing interest in the Flats. While not mentioned, Radnor Properties was the most recent developer to come forward with a complete plan. His proposal called for building a new shopping strip complete with a grocery store along with condominiums and townshouses.

City Manger Harry Walker, who doubles as executive director of the RDA, said that Radnor Properties project is fading because of financial disagreements. According to Walker, Radnor Properties wanted to pay the purchase price after the project was completed. "I said OK, but the city must have something that says it will receive its money," Walker said. He said to date he has not received the guarantee.

McNeil, said Walker, "Can write the check."

The Flats, as it is referred to by the RDA, stretches from the west side of the Brandywine Creek up to Church Street and from West Lincoln Highway to just north of the high railroad bridge. In 2001 the RDA took control the largest tract of the tract when it purchased the 17-acre G.O. Carlson site for $1.7 million. In 2005 the RDA purchased an additional 9 acres from ISG (International Steel Group) for $129,000.

At the time of the purchase, Bart Blatstein, of Tower Investments in Philadelphia, was on line to build a series of high-rise condominiums, a grocery store, and several interconnecting restaurants that were to be part of a riverwalk. However, the RDA revoked Blatstein's preferred development status, claiming he was not moving forward in a timely manner.