For those of you who may not be aware as to what is transpiring with the Town Center retail properties, which were defaulted on by the Somersett Development Company and taken over by the Bank, SU’s understanding of current status is as follows:
- The building housing the “The Grape &The Grain” has been sold (i.e., in escrow). Owners and intended use are unknown to SU at this time.
- The building housing the “Park Place Cleaners” is still in the banks hands, any offers to purchase are unknown to SU at this time.
- The vacant lots adjacent to the existing Town Center Buildings have been purchased by Doodle Properties LLC, with intended use being construction of a two building Alzheimer’s facility.
- The vacant lot adjacent to “The Club at Town Center” facility has an offer of purchase from the SOA Board in the amount of $210,000 (more on this later with regard to use of SOA Funds to purchase property for undesignated use).
SU will follow developments associated with the preceding as they develop
Reference: Town Center Plot Plan