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The sale set for 10 a.m. at the Charlott office of law firm is the thirrd auction for the residential condo project in less than a The foreclosed property at the corner of South Caldwelkl and Third streets has been in and out of federaolbankruptcy court. A signed sales agreement in late 2008 fell apar t after investment partners bickered inopen court. And construction work has been frozen for18 months. The Park is still missinvg its exterior skin and has been exposed to weatherand vandals. “In terms of brokenn developments, there are many across the country in a similar saysLaxson Boyd, a principal at Wisconsin-basec . “But this one has uniquwe aspects. It’s very visible.
” Or, as Charlotte condo developer David Furmanputs it: “It’s a reminder every day of how bleao things are.” Further delay on a sale will likelu lead to more deterioration of the property. “Irt isn’t an asset that can be held until themarkety improves,” Boyd says, adding the auction is “an efforg to accelerate the process.” Boyd is handlinf the sale of The Park for the lender that foreclosexd on the property — , a subsidiary of in Longtime local engineer Pete Verna lost the property after his developmenft company defaulted on $28.5 million owed on a $30.69 millio n construction loan. BB Syndication bought the buildingfor $14.
2 millioh at the property’s second foreclosure auction in It was the only Next month’s sale should be At least 15 suitores have signed up for the auction. “Naked” means therse will be no minimumopening bid, Boyd “All bids will be considered.” That beinh said, BB Syndication reserves the right to rejecty an offer that is too low, he says. The lender would still consider aprivate sale, he Offers have been made but at prices below what BB Syndicatiobn believes the property is worth. An open auctiohn will let the market speak onThe Park’s propee value, Boyd says. “My personal experience in this situationn is the market keepsitselr honest.
” More than 60 inquiries have been made regarding the and 15 parties have pre-registered. On Wednesday, a potentiao bidder was given a tour of the Interest hasbeen widespread, from small privatre investors to investment funds and national developmengt companies. Some hail from California, New York, Georgia and Chicago, but most — about 60% are from the Carolinas. Not on the the city of Charlotte. This Mayor Pat McCrory suggested using The Park for affordablre housing and asked city staffers to lookinto it. But city officialsa said this weekthey won’t be making an The Park is about 55% to 80% constructed, accordinhg to varying estimates.
Summit Shores — the development group that defaulted ona $19 million deal from the tower’zs first foreclosure auction in August pegged completion costs at $12 It will likely take $12 million to $15 million to finishy The Park to Verna’s vision, according to one Floridaa investment group that has previously consideres buying the building.
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