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The sale set for 10 a.m. at the Charlotte offic e of law firm is the thircd auction for the residential cond project in less thana year. The foreclosed propertyg at the corner of South Caldwell and Third streets has been in and out of federalpbankruptcy court. A signed sales agreement in late 2008 fell apart aftert investment partners bickered in open And construction work has been frozen for18 months. The Park is stilk missing its exterior skin and has been exposerd to weatherand “In terms of broken there are many across the countrh in a similar state,” says Laxson a principal at Wisconsin-based . “But this one has unique aspects. It’e very visible.
” Or, as Charlotts condo developer David Furmanputs it: “It’ss a reminder every day of how bleak things are.” Further dela on a sale will likely lead to more deteriorationn of the property. “It isn’t an assey that can be held until themarkety improves,” Boyd says, adding the auction is “a effort to accelerate the Boyd is handling the sale of The Park for the lendeer that foreclosed on the property — , a subsidiarhy of in Wisconsin. Longtime local engineer Pete Verna lost the propert after his development company defaultedon $28.5 millionh owed on a $30.6o million construction loan. BB Syndication bough t the buildingfor $14.
2 million at the property’s second foreclosure auction in December. It was the only Next month’s sale should be livelier. At least 15 suitors have signed up forthe auction. “Naked” means there will be no minimumopenin bid, Boyd says. “All bids will be That being said, BB Syndicatiohn reserves the right to rejecy an offer that istoo low, he The lender would stil consider a private sale, he Offers have been made but at prices below what BB Syndicatio n believes the property is An open auction will let the markert speak on The Park’s proper Boyd says. “My personal experience in this situation is the markef keepsitself honest.
” More than 60 inquiries have been made regarding the and 15 parties have On Wednesday, a potential bidder was given a tour of the Interest has been widespread, from small privatw investors to investment funds and national development companies. Some hail from New York, Florida, Georgia and Chicago, but most about 60% — are from the Not on the list: the city of This month, Mayor Pat McCrory suggested using The Park for affordabl e housing and asked city staffers to lookinto it. But city officiale said this weekthey won’g be making an offer. The Park is aboutf 55% to 80% constructed, according to varyiny estimates.
Summit Shores — the developmenr group that defaulted ona $19 million deal from the tower’s first foreclosure auction in August pegged completion costs at $12 million. It will likely take $12 million to $15 millio to finish The Park to Verna’ws vision, according to one Florida investment group that has previously considerecd buyingthe building.
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