Developer Carol Ann Zinn has sold the 5-acres off NC-Hwy 54 to the UNC-Chapel Hill Foundation after failing to gain approval from the town. Buying the project site for $1.14 million in 2007 and selling it for $410,000 was a significant loss, even below the county appraisal of $690,000.
Zinn had envisioned three, three-story buildings with 90 condominiums when she most recently sought approval for the project last summer. She said she was filling a niche for homes under $400,000 and the condos' stormwater-runoff design would do less harm to the environment than conventional housing.
Public hearings consistently brought out critics who said the environmentally sensitive site, in the Jordan Lake watershed next to state game lands, was the wrong location. The site, part of Little Creek Bottomlands and Slopes, is a natural heritage area, a state designation for land with significant plant and animal habitat.
Read more at The News & Observer
Showing posts with label condos. Show all posts
Showing posts with label condos. Show all posts
2011-12-20
2011-10-11
Greenbridge Debt Is Sold Off
Bank of America has sold the debt on the 10-story Greenbridge condominium property in downtown Chapel Hill to an out-of-state investment firm. The loan was part of a sale of a larger portfolio of 29 "performing and non-performing commercial real estate loans" in 16 states with a total unpaid principal balance of $880 million. The buyer of the loan is CSMI Investors, a Delaware company formed by WL Ross & Co., Invesco Advisers, Square Mile Capital Management and Canyon-Johnson Urban Funds.
The $56 million project was financed with a three-year $43.25 million construction loan. Bank of America balked at paying final bills that came in $1.6 million over budget. After contractors filed $7.9 million in liens, the bank began foreclosure proceedings in April. At that point, about $29 million was outstanding on the construction loan.
Greenbridge, an environmentally innovative project on West Rosemary Street, has 97 condominiums and retail space in connected seven- and 10-story buildings. Only 37 of the 97 units had sold when the bank froze sales.
Read more at newsobserver
The $56 million project was financed with a three-year $43.25 million construction loan. Bank of America balked at paying final bills that came in $1.6 million over budget. After contractors filed $7.9 million in liens, the bank began foreclosure proceedings in April. At that point, about $29 million was outstanding on the construction loan.
Greenbridge, an environmentally innovative project on West Rosemary Street, has 97 condominiums and retail space in connected seven- and 10-story buildings. Only 37 of the 97 units had sold when the bank froze sales.
Read more at newsobserver
2011-09-30
Charterwood Ok By Planning Board
Charterwood, a mixed-use development proposed for Martin Luther King Jr. Boulevard
The proposed project includes six buildings with up to 154 condos and townhouses and 73,000-sqft of office and retail space on 15.7-acres
The tallest building is proposed to be six stories, or 78 feet tall, about the same height as Aloft Hotel in East 54. The Chapel Hill Planning Board voted 7-1 to recommend approval of the project, but only if the maximum height was reduced to 54 feet.
Because neighbors have presented a valid protest petition, the project will require a three-quarters majority of council votes for approval. The petition presented by neighbors of the project represents owners of 43 percent of the property within a 100-foot buffer of the proposed rezoning.
Read More at the Carrboro Citizen
The proposed project includes six buildings with up to 154 condos and townhouses and 73,000-sqft of office and retail space on 15.7-acres
The tallest building is proposed to be six stories, or 78 feet tall, about the same height as Aloft Hotel in East 54. The Chapel Hill Planning Board voted 7-1 to recommend approval of the project, but only if the maximum height was reduced to 54 feet.
Because neighbors have presented a valid protest petition, the project will require a three-quarters majority of council votes for approval. The petition presented by neighbors of the project represents owners of 43 percent of the property within a 100-foot buffer of the proposed rezoning.
Read More at the Carrboro Citizen
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