Thu, 28 August 2008
August 28, 2008
The Park condo was auctioned at noon Thursday at the Mecklenburg County Courthouse. A bid of $17.9 million was offered by Tim Griffin, an attorney for the lender.
Steel at The Park condos has started to rust. Wind and rain have damaged fireproofing materials on the walls, and stucco, glass windows and interior doors have been left inside, targets for vandals and the elements.
That rare scene of uptown decay – a sharp contrast from the city's shiny image – was painted by attorneys Wednesday in U.S. Bankruptcy Court.
As the fate of the stalled condo tower has languished in court, its developer burdened with financial problems, the building could be falling into disrepair, its lender's attorney said.
The 21-story project at
In addition to the dangers facing its structure and the building materials inside, a city fire inspector has expressed concern about wood and debris, a fire hazard, she said. City officials have also revoked the developer's right to use part of
The court on Wednesday appointed Langdon Cooper, a
The high-profile Park is one of several uptown condo towers to face problems this year, despite showing strong sales. 210 Trade, the condo tower going up at the EpiCentre, has been stalled since February in a legal dispute between its developer at the EpiCentre's. Two other projects, One Charlotte and 300 South Tryon, have been postponed this year.
The Park went into foreclosure last month. As of Aug. 20, its developer,
After an auction and bidding period this month, a company called
But on Aug. 14, three contractors filed an involuntary bankruptcy petition, forcing the condo tower into court and temporarily halting the foreclosure process.
Those creditors, who say they're owed more than $1.8 million, want to see the project sold for a higher price and supported Cooper's appointment, said Kevin Sink of Nicholls & Crampton in Raleigh, who filed the bankruptcy petition on their behalf.
“There needs to be someone at the head of this ship,” he said. “… This gives them the opportunity to maximize (the project's) value.”