Local News
Battle over uptown high-rise takes new turn
04:06 PM EDT on Wednesday, August 20, 2008
CHARLOTTE, N.C. -- There is a new twist this week in the story of a foreclosed uptown Charlotte condo tower.
The owners are now facing an involuntary bankruptcy petition, which stalls the building's foreclosure sale to a recent high bidder.
The 21-story The Park condo tower sits partially finished at 222 South Caldwell Street.
Last month, the lender foreclosed on the project. And earlier this month, a company called Summitt Shores placed the highest offer during an upset bid period.
The focus now shifts to U.S. Bankruptcy Court where three creditors filed Involuntary Bankruptcy papers late last week. The Chapter 7 filing lists two steel companies and an architect who worked on the project. They are seeking to stall the sale, trying to recover more than $1 million in money owed by the building’s owners, the 222 South Caldwell Limited Partnership.
Liens filed in Mecklenburg Superior Court show Southern Steel is owed more than $1 million. C.P. Bucker Steel filed liens claiming more than $650,000 owed. Both are listed as petitioning creditors in the federal bankruptcy filing.
Also watching the bankruptcy case now is well-known local eye doctor Jonathan Christenbury. Court records filed Wednesday list Christenbury as a creditor and ask his attorney receive copies of the pleadings filed in the bankruptcy case.
He is one of roughly 80 people who put down thousands of dollars on a unit at the stalled project, according to a list of buyers obtained through a NewsChannel 36 source.
Christenbury’s attorney did not want to comment on the filing. The developers of the project through a spokesman have refused to comment on their next step.
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