Today’s Nfld News has this front page story: Crossing development is in foreclosure.
City Administrator Al Roder confirmed Tuesday evening that he was notified late last week of the proceedings begun by the project developer’s creditor, Highland Bank… Roder said he wasn’t certain if the entire project is being foreclosed on. At least one other bank held a portion of Mendota Homes’ loan for the project.
I got wind of the notification last Friday and filed a data request on Monday (left photo). Thus far, I don’t have the documentation but I did speak by phone to Community Development manager Brian O’Connell yesterday and he confirmed it.
I asked Brian if he knew the status of the Jimmy Johns restaurant that was scheduled to break ground the week of May 12th. He didn’t.
I suggested to him that now might be a good time for the City to step in and do the cleanup on the property surrounding the buildings there, both for the sake of the residents and businesses there, as well as for downtown. I took these photos this morning.
The weeds are tall, construction debris is still there from April of 2007, and Xmas tree sale leftovers can still be found in the parking lot. (Full disclosure, again: we have money down on a condo there but are refusing to close. Mendota Homes is suing us and the case is now going to arbitration.)
Update 6/12 at 9:15am: Here are PDFs of the photocopies of:
1. Letters from Highland Bank to John Mathern/Mendota Homes and to the City of Nfld.
2. Memo from Community Development Director Brian O’Connell to the City Council.