Park condo buyers still waiting for units

CHARLOTTE, N.C. -- If you ask some local investors, a piece of Charlotte’s uptown high rise boom is looking more like a bust.

The 21-story “The Park” condo tower is located in the 200 block of South Caldwell Street. Some buyers first signed contracts four years ago, and now we’ve found out why construction has stopped completely.

With high speed elevators, a rooftop park and a concierge on staff, Michelle Ricci thought “The Park” offered something different.

“It was supposed to be the biggest and the best and beautiful,” Ricci said.

She first saw the plans in the spring of 2004.

“I mean when we first signed our contract, they had estimated 18 months for completion,” said Ricci.

That was July 11, 2004 when Ricci, her husband and two other couples went in together on unit No. 1110 facing the city. Now, nearly four years later, and check after check written to the developer for deposits and upgrades, their patience has run out.

“We just want our money back," Ricci said. "Total between me and my two partners, we’re looking at approximately $61,000.”

One of those partners is a very frustrated Kathleen Stebbins.

“My understanding is that subcontractors haven’t been paid," Stebbins said. "So, they can’t get work done.”

There’s no work going on at the site, and court documents show why. The property, 222 South Caldwell, is in what’s called pre-foreclosure. At the courthouse, we found lien after lien filed against the South Caldwell Limited Partnership and the developer, Verna & Associates. One is from a Charlotte Steel company and claims $1,134,098.78 still owed.

“They’re working on securing financing is what they’re saying,” Ricci said.

Stebbins adds, “We know they’re in a predicament, but it's business.”

Stebbins and Ricci want to invest elsewhere. But until they get their money, they can’t.

Stebbins and Ricci say they were told they could release the condo back to the developer and when it is re-sold, they’ll get their money. They’ve said no to that option, and are considering legal action now.

A spokesperson for the developer would not comment on specific buyers. But Carl Felson did comment on the project’s future, saying, “We still own the property and we will go forward with the project.”

By looking at real estate listings online, it looks as though a majority of The Park’s 100-plus units are under contract. Meanwhile, a pre-foreclosure hearing is scheduled for July 15.