24 February 2010 ?
Centrum Properties has been served a foreclosure notice from Wachovia Bank for the parcel located on the corner of Ashland, Lincoln and Belmont. Centrum purchased this 80,000 square foot site in 2005 for $18,700,00 with the intention to build a $100-million retail/residential project called the Lakeview Collection. In 2008, Centrum restructured their plans dropping condo development for 130 apartments. Unfortunately, financing for new developments ceased to be available as the financial crisis intensified, leaving developers like Centrum stuck with land loans that they cannot pay back.
Centrum is working with another equity partner, and has had productive discussions with Wachovia to restructure the loan.
According to Crains ?Centrum has no plans to give up the property and still plan to build a scaled-back project on it with about 100,000 square feet of commercial space but no residential. CVS Corp. has signed a lease for a roughly 13,000-square-foot drugstore there, while Bank of America N.A. has a lease for a 7,500-square-foot branch.?
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February 24, 2010 at 5:56 pm
You will post links to your own pages but not to the article in Crains you are actually talking about? How self righteous – this is poor internet etiquette.
February 24, 2010 at 9:20 pm
Thank you Chris for pointing this mistake out. It has been remedied.