Work on long-discussed open-air Bridges at Mint Hill is delayed until developers’ financial status is resolved.
By Melinda Johnston
Special Correspondent
Posted: Sunday, May. 30, 2010
There’s a chance that Bridges at Mint Hill could break ground as early as next year, depending on when General Growth Properties emerges from bankruptcy, according to Childress Klein partner Chris Thomas.
“I’d like to say that we’d start back next year and open in 2013, but at this time I just don’t know,” Thomas said.
“It appears that General Growth is going to come out of Chapter 11 later this year, and I think the process is progressing favorably. There’s a reasonable possibility that we will break ground next year, but until General Growth is out of bankruptcy, we can’t talk about resuming construction.”
The open-air mall would be built on more than 200 acres on Lawyers Road near I-485. A portion of the land is owned by Childress Klein Properties in Charlotte and a portion by General Growth Properties, headquartered in Chicago.
The project has been in the planning stages since 2005 and was to have opened last year. The developers stopped work during the recession.
Thomas says the project is still viable, just on a different timetable. And when construction does begin, he says it will be built in phases.
Four N.C. cities – Raleigh (No.3), Charlotte (No. 17), Asheville (No.21), and Durham (No.23) – were recently named among the top 25 best places in the country for business and careers, according to a new report released by Forbes.com.
Southern Winds Realty has teamed up with local law firm… Law Avania to assist struggling homeowners with selling their homes and dealing with lenders. Our partnership with LawAvania allows us to concentrate on selling instead of the time consuming daily phone calls and frustrating delays with banks.
In addition the advantages of having a law firm represent you are countless including:
Less impacted Beacon Scores
Lower deficiency amounts
Quicker turnaround
If you’re aware of a neighbor or friend struggling right now, please have them call me for a confidential consultation. If we can prevent further homes from foreclosure, we all win by preserving home values in our community. See a recent article from CNN below…
Regards,
Frank Pixley
Southern Winds Realty
Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.
“Banks have ramped up short sale approvals,” said Duane Legate of House Buyer Network, which connects short sellers with buyers. “They’re hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales.”
These transactions, where lenders allow homeowners to sell their houses for less than they owe, accounted for 17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance.
