Since I’ve maintained the web site for Village on the Cannon (VOC) the past few years, I’ve gotten some questions from local citizens re: the status of VOC, given the statement on the VOC Our Story page:
In October 2007, Jon sold his real estate holding shares to his brother, Tom Petters of Petters Group Worldwide. Jon & Colleen Petters continue to own Collegeville Communities and Collegeville Companies.
When people ask what this means, I just tell them that the property/development, Village on the Cannon, is owned by Tom Petters/Petters Group Worldwide, and that Jon and Colleen just own the development companies. (That’s Jon and Colleen in the photo on the right, with Mayor Lee Lansing at the VOC grand opening in July, 2005.)
Tom Petters, if you’ve not been paying attention to the news, is in jail pending trial.
Current VOC homeowner’s association board president, Jerry Mohrig, released this statement yesterday, written by Susan Pedersen, concierge/property manager of Village on the Cannon:
The Village on the Cannon (301 7th Street W.) currently has a management contract for its Homeowners Association with Collegeville Communities LLC of St. Joseph, Minnesota. Jon Petters is Chief Executive Officer of Collegeville Companies (the same entity as Collegeville Communities) and his wife Colleen Hollinger Petters is President of Collegeville Communities.
In October of 2007, Jon Petters, the original developer of Village on the Cannon and brother of Tom Petters, sold his real estate holding shares to the Petters Real Estate Group, which now owns 22 unsold units at Village on the Cannon.
At present, Village on the Cannon has 25 homeowners who own a majority of the property. Therefore, there is no danger of seizure. In addition, six condominium units are leased with an option to buy, bringing the total occupancy to 66%.
The Homeowners Association is actively working to ensure that the high standards of Village on the Cannon will be maintained. Village on the Cannon continues to provide a vibrant living environment with its proximity to downtown and access to the cultural and academic stimulation of the Northfield community.
To be precise, Griff, currently the Petters Real Estate Group owns the 22 unsold units, not all of VIllage on the Cannon. As the statement says, VOC has 25 homeowners who own the majority of the property.
In today’s Strib, Village on the Cannon is featured in a front-page piece titled Burned: The human toll of the Petters case:
Foreclosure for Village on the Cannon is being recommended, according to this article in today’s Strib: Receiver seeks two Petters condo project foreclosures.
You must log in to post a comment.