Panthers player files lawsuit

CHARLOTTE, N.C. -- On Tuesday morning, the developers of The Park condominium tower will head to court. It is a foreclosure hearing for a project that’s seen its share of ups and downs.

The Park first started pre-selling units in 2004. By early 2008, a source close to the development confirms more than 80 units were under contract. But court documents show problems with financing led to bills not being paid, and now the main lender trying to foreclose.

Where does this leave buyers? That’s a question Carolina Panther’s punter Jason Baker asked.  He bought into the project last October, putting $62,500 down on a unit on the 18th floor.

In a new lawsuit filed on Baker’s behalf, it alleges he was told his unit would be finished by February 2008 after he stressed he needed a place to live by the spring. It goes on to say when Baker realized the condominium would not be finished, he tried to negotiate to get out of his contract. Those negotiations did not work out.

Baker isn’t alone. WCNC has been contacted by numerous buyers, many of whom are also out more than $60,000 and fear their money is gone. 

To make matters worse, construction on the project stalled a few months ago when court documents show, foreclosure proceedings began. 

Baker’s suit sheds some light on what happened. It reads, “Neither 222 South Caldwell Limited Partnership or Verna-Woollen Corporation held assets sufficient to fund a multi-million dollar project.”

It goes on to read, “On or about February 15th, 2006, 222 South Caldwell Limited Partnership borrowed over 30 million dollars to fund the condominium project.  (Defendant)… failed to make the requisite payments or otherwise comply with the terms of the $30,000,000 promissory note.”

The suit also says the project continued to solicit new buyers, even though bills were not being paid. 

Baker did not want to comment directly, but did make a statement through his attorney.

Kimberly Pross said, “He (Baker) went out of his way for at least two weeks trying to settle. He did not want to file this suit or to get back at anybody. He does not have any personal vendetta against any of the defendants. He merely wants to recover his losses. It was out of a last resort that he filed this.”

The Park is a 21-story luxury condo tower at 222 South Caldwell Street. Well-known local Engineer Pete Verna is behind the project.