Park condo auction is still on - | WBTV Charlotte

Park condo auction is still on

WBTV (CHARLOTTE) - The Park Condo Tower at the corner of South Caldwell and Third streets is up for auction again.

And since it started at 10am this morning - and sources say it's still going on - it's probably safe to say some very interested parties are playing hardball here.

The whole thing is happening at the law office of Poyner Spruill, behind closed doors, but we're expecting an update soon...and a lot of people are anxiously awaiting it, because this towering reminder of the recession is like a scar on the city's skyline.

Construction halted at the Park 18 months ago, and since then the shell of a condo tower has been exposed to weather and vandals and a series of sales that soured between auction day and completion.

This is the dashed dream of developer Pete Verna. He lost the property after defaulting on a $31 million dollar construction loan.

Now the building belongs to the lender that foreclosed on it, BB Syndication Services, which offered it up today in a naked auction - meaning there's no minimum opening bid.

But BB Syndication did reserve the right to reject offers too low.

Its estimated that whoever buys The Park will need to put another $12 million into finishing it, and we know that today at least 15 potential bidders pre-registered.

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