Business

Park condos' future still uncertain

The fate of The Park condos remains a mystery.

When bidding on the troubled tower closed at 5 p.m. Monday, it appeared that Summitt Shores – a company shrouded in secrecy since it first registered its bid – was still the high bidder.

The company offered $18.8 million Aug.7, a few hours after The Park's lender, BB Syndication Services Inc. of Wisconsin, bid $17.9 million at a foreclosure auction.

The lender's attorney, Tim Griffin of Poyner & Spruill, confirmed that, as of late Monday afternoon, no one else had submitted an upset bid. But he said the court would need to process its paperwork, and that it would be Tuesday morning before he could be certain. The file at the Mecklenburg County Courthouse showed no other offers.

Summitt Shores deposited nearly $940,000 when it filed its bid at the courthouse. Now, the company must immediately pay its remaining balance and close on the property. If it can't, The Park's trustee, Porter Rhoton III, can advertise and sell the property at auction to a new high bidder.

Summitt Shores' attorney, Carey “Al” Sellers of Charlotte, declined to comment Monday 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 Park – or develop it for another purpose, such as an office building.

The 21-story luxury condo tower at Caldwell and Third streets went into foreclosure last month. Its developer, 222 South Caldwell Street Limited Partnership, an arm of Verna & Associates of Charlotte, owed more than $27 million on its $30.7 million construction loan.

  Comments