Town Center Properties – What’s Happening?

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

2 thoughts on “Town Center Properties – What’s Happening?

  1. REreno is also covering the Town Center story (click on the comment author name to be transported there). We have links to the original 2003 permitted land uses for TC, and the 2009 revision that specifically ALLOWS the memory care use. This won’t even be reviewed at the City level, even though it completely tanks the intent of the award winning Town Center project. And I don’t think the current SOA board is going to raise any objections. There is also a very interesting link to the prospectus and financials on a similar project completed by one of the officers of the LLC that now owns the property. One of the comments even speculates that the entire foreclosure of the TC parcels may have been a set-up.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s