Friday, July 24, 2009

Victoria Apartments Redevelopment

According to an article in this week's Charlotte Business Journal, First National Bancshares of Spartanburg, SC, has begun the foreclosure process on the former Victoria Apartments site. The site was successfully rezoned last year for a mixed-use project including office, retail, and hotel space.
Tim Crawford of Citiline Resortline Development, the site's developer (disclosure: also a former Third Ward board member), pledged to "place the entity in Chapter 11 protection." The Business Journal reports that this action can delay foreclosure.
I have contacted First National Bancshares requesting to be looped in on future updates.