News
DOGGONE RECESSION
October 12, 2010
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| Railside Lofts would have been a four-phase, mixed-use development. There would have been some 60K SF of commercial space, more than 180 condo units in a beautiful steel-and-brick structure along a Norfolk Southern rail line. But for today, the site is going to the dogs. Fabric Developers' Jerry Miller (above) tellsBisnow his project in downtown's Castleberry Hill neighborhood is on indefinite hold. Instead, he's parceled out two acres of his 6.6-acre site and is loaning it to the Castleberry Hill Neighborhood Association for a dog park. The economic crash has been hard on Jerry. His $33M Castleberry Point condo project (developed through Miller Gallman Developers) is "limping along" and just had a loan extension from Wells Fargo, Jerry tells us. And the company is "in process" of renegotiating with the lender on the six acres, he says. So what was once going to be manicured lawns and white concrete walkways will now be a romping ground for canines, set to open Oct. 18. "In the long run, this will create cohesiveness in the neighborhood. And I think in the long run, that creates value." |
