210 Trade Developer Files for Chapter 7

Posted On: October 11, 2009 By: admin

It’s not looking good if you have a deposit for a unit at 210 Tradein Uptown Charlotte.  On October 2nd, Flaherty & Collins filed for Chapter 7.  The proposed 48 story, 419 unit tower will have to wait a while before being built.

According to court documents, there are over 300 creditors seeking an estimated $52.54 million in claims connected to 210 Trade.  The general contractor R.J Griffin & Co is owed $9.77 million for unpaid work.  R.J Griffin & Co is also the general contractor at The Vue Condos.  The Vue Condos was behind in payments but have recently paid.  R.J. Griffin & Co. will resume construction again.

There were a total of 265 buyers under contract at 210 Trade.  It’s highly unlikely these buyers will receive their earnest money back.  The Park Condos had 80 buyers under contract who lost their deposits.  The Park Condos was recently purchased by a developer from Florida and hopes to finish the tower soon.

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Category: Second Ward, Third Ward