Wednesday, August 26, 2009
The Park Condos, Charlotte NC, sells at auction, Charlotte, NC Condos, For Sale, Condo Listings
The Park finally sells at auction! Great news for the city scape, it was apparently 70%+/- sold before the banks pulled the plug on the project with the original developer for a loan default.
I have been up there (yes walked it, no elevators yet) for a couple potential buyers of distressed buildings. It could be be very nice if completed. Among the positives are the big balconies and roof top park and pool. The new owner has the plans, not sure at this time what changes might be in store if any. Any intested parties out there give us a call, maybe a good time to inquire (read:negotiate).
Heres the story form the Charlotte Biz Journal:
A Naples, Fla.-based developer has acquired The Park condo tower for an undisclosed amount in an all-cash deal.
Small Brothers LLC says one of its subsidiaries has bought the unfinished uptown tower from financial group BB Syndication.
“We are very excited to complete the project as quickly as possible,” says Mark Small, a partner at Small Brothers. “We feel the location of the project is a critical component to the continued success of the city because of its strategic location to the NASCAR Hall of Fame and will enhance the downtown redevelopment.”
Construction work has been frozen at the site on the corner of South Caldwell and Third streets since January 2008. The Park is still missing its exterior skin and has been exposed to weather and vandals.
Longtime local engineer Pete Verna lost the property after his development company 222 South Caldwell Street Limited Partnership defaulted on $28.5 million owed on a $30.69 million construction loan.
Verna’s construction lender BB Syndication, a subsidiary of Bankers’ Bank in Wisconsin, bought the building for $14.2 million after launching foreclosure proceedings last year. Poyner Spruill, the law firm representing the bank, had hosted a July 22 private auction for the project.
Small says the company has Verna’s drawings and currently plans to complete the tower as a for-sale condominium.
Small Brothers says it will use the Charlotte branch of Cleveland Construction Inc. in Ohio – a sister company – to complete the 21-story, 106-unit tower. It pegs the project at 70 percent complete.
“For us, we look at it as any other type of construction project,” Small says. “We have the tools in the toolbox.”
Cleveland Construction was founded in 1980 by the late Richard G. Small and his sons Mark, Tim, Jon, and James.
Small Brothers is owned by the four brothers and shareholder Bud Balsum. The company owns more than 1 million square feet of residential and commercial property, Small says.