For rumination: is this specific to South Carolina, which has also been financially challenged in its Innovista project in Columbia, or a larger symbol that Mega-projects are should be re-thought to provide a platform for smaller actors/entrepreneurs, rather than taking on massive urban revitalizations on their own?
North
Charleston's grand urban renewal project is on track to be dismantled and sold
for parts.
Noisette's lenders, who began foreclosing on 240 acres of the
former Navy base land a year ago, have proposed splitting the land into more
than half a dozen parcels. The request jeopardizes Noisette's long-standing
plan for an innovative mix of thousands of homes, offices and shops.
Now, the
development's top lender, Pennsylvania-based Capmark Finance Inc., is in
salvage mode, trying to figure out how to group together segments of the land
to raise enough money to pay off a portion of the $23.8 million that Noisette
owes.
"The goal is to sell enough property that you satisfy the
debt," said Charleston County master in equity Judge Mikell Scarborough,
who gave Capmark and Noisette officials several weeks to map out a sale
proposal.
Meanwhile, Noisette officials continue to say they're discussing
a possible sale of the loan to outside investors. Attorney Andy Gowder said
between five and 10 groups are conducting what he characterized as
"serious due diligence."
"They are spending significant time and resources in
evaluating this opportunity, so we take from that level of activity that they
are serious," he said in an e-mail.
The city of North Charleston, once considered a viable buyer, no
longer is one of those groups, and time is running out. The court could accept
bids on the parcels as early as September...[continued in article]
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