Some juicy emails to former residents of Park Memorial leaked to Swamplot reveal new information about the proposed sale of the shuttered 4.85-acre property off Memorial Drive. The emails were sent by the condo complex’s board of directors, which apparently has quite a few problems to work out before the sale can go through.
First, about that mysterious buyer — whose name had apparently been kept secret from condo owners. The buyer is “now known as Detering Acquisitions,” according to the latest email. Detering Acquisitions is also the name of an LLC managed by Marvy Finger, president and CEO of apartment developer The Finger Companies.
According to the emails, 97 out of 108 Park Memorial owners want to sell the complex to this “unnamed” buyer for an agreed-upon price of around $17 million. But 11 others are seeking separate negotiations with the buyer, even though the buyer has indicated that he “will not negotiate” with the group.
This is also the group of people that filed the actions against the City, and that is now suing the Association (along with individual directors, the realty company, and an attorney).
And . . . there’s even more quasi-legal fun!
***
The latest email reports progress on the declaratory judgment the Park Memorial board is pursuing:
Thanks to everyone’s efforts in the last week, almost everyone has been served. Once this is complete, we’re likely to have time in front of a judge within a month. Just to tell you how serious this is getting, our process server had a gun pulled on him while serving one of our people last week.
We’ve still been unable to serve a few people. For some, it’s an issue of locating them. For others, it’s an issue of finding them at their address. We are beginning efforts to pursue “substituted service.” This means the court should be able to help us serve them using alternative means (i.e., the newspaper). This process should be complete within a few weeks. . . . What’s sad is, 3 of these four people are receiving these e-mails every week.
- Previously in Swamplot: Last Stand at Park Memorial, Park Memorial: Just Sitting There, Condos Condemned: Park Memorial To Become Parking Garage Memorial
Photo of Park Memorial: HAR
This story gets more interesting as it goes along.
Also, knowing the purchaser is related to the Finger Companies, we can start to speculate on the style of the development.
I’m thinking another large apartment complex. There isn’t much frontage that is suitable for commercial development, but hey, anything can happen.
In the end, I hope all the residents get enough out of a purchase deal that will cover any of their existing mortgage or original values.