Park Condos in Uptown Charlotte get a buyer

Posted On: August 19, 2009 By: admin

Small Brothers Charlotte which is a subsidiary of Florida developer Small Brothers LLC, has purchased The Park Condos in a private auction that started last month.  The Park’s lender BB Syndication Services of Wisconsin sold it for an undisclosed amount.

The building has been sitting dormant for 18 months with no siding and has been exposed to all kind of damage due to the natural elements.  The 21 story, 106 unit luxury tower was built during the condo boom in Uptown Charlotte.   Many of the 80 buyers put several thousand of deposits down, from which they will probably not recover those lost funds.

The new owners plan to resume construction in six months time.   Plans are to complete the tower as a for-sale condominium.

Category: Second Ward