Coolfont property up for sale by Freeman

Carl M. Freeman Companies placed their 994-acre parcel of former Coolfont Recreation land up for sale early last week for $10 million.

The company had planned a 1,200 unit second home retreat and resort community on the Cold Run Valley Road property that it purchased in 2005.

The property was placed in a multi-realtor listing that focuses on properties of this size and markets that are interested in acquiring 1,000 acres of land, said Bob Marggraf, West Virginia representative for Carl M. Freeman Companies for this project.

The board of directors decided to list the property since they have other areas of focus now and it would be some years before they could proceed with their planned development of the Coolfont property, he said.

The company felt the land may be more appropriate as a resort versus a second home community and decided to see if a buyer might come forward instead of just sitting on the property, Marggraf said. They’ve said for some time that the second home market has been down along with the economy, he noted.

The property is being sold as is, but the permits and studies have all been filed and maintained, Marggraf said. Depending on the individual permits, they could be transferable to a new owner and continued in new standing. If so, it would be done in a manner consistent with state law.

Permits and studies previously filed include water and waste treatment plants, traffic studies and archaeological surveys.

The company is proceeding with its Bayside development in Delaware and other commercial developments.

They have no long-range plans and will wait and see what happens with the listing, Marggraf said.