Hours after auction, a higher bid for The Park

There's a new high bidder on the stalled Park condos project.

Summitt Shores placed an $18.8 million bid in Mecklenburg Superior Court Thursday evening, hours after the project's lender, BB Syndication Services Inc. of Wisconsin, bought the property at auction for $17.9 million.

Attorney Al Sellers, who represents Summitt Shores, declined to comment Friday on the company's plans for the site or divulge any information about his client. The company is not on file with the N.C. Secretary of State's office, which registers N.C. corporations.

It had been expected that a developer could purchase and finish the project.

According to court papers, Summitt Shores paid a deposit of nearly $940,000.

The 21-story tower at Caldwell and Third streets uptown went into foreclosure last month and is one of several high-profile condo projects to halt construction. Its developer, 222 South Caldwell Street Ltd. Partnership, part of Charlotte-based Verna & Associates, owes more than $27 million to its lender, court documents say. Nearly all of the tower's 106 units have been sold, with many of the buyers anxious for the project to be completed.

Now, 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.

Once the balance is paid, it will be distributed to lien holders in order of priority, with the lender at the top of the list.

This story was originally published August 9, 2008 at 12:00 AM with the headline "Hours after auction, a higher bid for The Park."