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Real Estate Development company to be auctioned

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pepperbear Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-16-08 09:25 PM
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Real Estate Development company to be auctioned
YORK - The company formed to develop the Marquis at Williamsburg will be auctioned tomorrow because it cannot pay its debts.

Premier Properties USA has been struggling to pay its bills at multiple developments for months, and the entities it formed for eight projects will be auctioned off Thursday in Indianapolis, Ind. J.C. Penney and Kohl's opened last November at the development, which was slated to reach 250 stores by 2011.

http://www.dailypress.com/news/dp-marquis-0416,0,7909887.story

This is my county in VA. We are becoming SEVERELY overdeveloped.

Things are getting pretty bad when developers with this kind of real estate are being foreclosed upon. Would you agree?



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