A WALK IN “THE PARK”
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The Park condos, the sadly troubled vision of bankrupted Charlotte engineer/developer Pete Verna, has started up again, after sitting idle and unfinished for more than two years. Naples, Fla.-based Small Brothers, which acquired the property in a private auction in 2009, recently restarted construction with a new game plan. The Park (likely to be renamed) will have 67 condo units, a rooftop restaurant, and incorporate a 172-room Hyatt Place Hotel (to be finished in time for the DNC Convention). A rooftop pool, a fitness club, and about 2,600 SF of ground-level retail are planned. The Park will also be bumped up to 22 stories from 21. (It's OK, the dealer also busted.) Small Brothers isn't releasing the cost of the redevelopment. Verna halted construction when the original 106-unit project went over budget at about 80% complete and lenders wouldn?t give him any more cash. |
