There's a new high bidder on the stalled Park condos project.
Summitt Shores placed an $18.8 million bid Thursday evening, hours after the project's lender, BB Syndication Services Inc. of Wisconsin, bought the property at auction for $17.9 million.
Digital Access for only $0.99
For the most comprehensive local coverage, subscribe today.
The company's attorney, Al Sellers, declined to comment Friday on Summitt Shores' plans for the site, though it had been expected that a developer could purchase and finish the project. The company is not on file with the N.C. Secretary of State's office, which registers corporations.
According to court papers, the company paid a deposit Thursday of nearly $940,000.
The 21-story tower at Caldwell and Third streets uptown went into foreclosure last month. Its developer, 222 South Caldwell Street Ltd. Partnership, owes more than $27 million to its lender, court documents say.
Other potential buyers have 10 days to place a higher bid on the property. The next upset bid must be $19.7 million or higher, court documents say.