Nathan Johnson, first settler in Coolspring, purchased his land from John Walker, the first recorded land purchaser in Coolspring Township. He built a dam and a saw mill at the intersection of several Indian trails in 1833. Later, he added a grist mill and sold the property to Otis E. Bowen in 1839. Otis Bowen added a store and a distillery. The 1840 census shows Otis Bowen as having a very large household of 13 men ranging between the ages of 30 and 40 years old.

The Waterford Inn is on the Detroit to Chicago trail and served as a stage coach stop. Waterford's history began shortly before 1830, placing the town in the ranks of the old timers of LaPorte County. Waterford today exists purely as a residential community, playing suburb to both LaPorte and Michigan City.The Waterford area is also the location of the Coolspring Branch Library, a branch location of the LaPorte County Public Library. The Coolspring Branch Library was dedicated on May 1, 1985 and continues to serve the residents of the Waterford area.