Carrollton developer buys Stoneleigh condo tower in Uptown
10:00 AM CST on Tuesday, February 2, 2010
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
http://www.dallasnews.com/sharedcon...h.dab94f24.html
A Carrollton-based developer has purchased a partially built Uptown condo tower.
CTMGT LLC – an affiliate of Centurion American Development Group – beat out a group of bidders trying to acquire the uncompleted Heritage at the Stoneleigh residential high-rise on Wolf Street near Maple Avenue.
Work stopped on the building in 2008, and in May of 2009 creditors seeking almost $5 million forced the project into bankruptcy.
The bankruptcy court recently approved sale of the unfinished project for $4.55 million to CTMGT, headed by developer Mehrdad Moayedi.
Moayedi said his firm will move forward to finish the project.
“I’m going to do the same thing they originally planned but with a lower basis,” he said Tuesday.
The Stoneleigh tower is only a concrete shell – about 12 of the more than 20 floors planned for the building and a parking garage were constructed before work halted.
“We hope to start work on the 10 stories that are missing in the next six months,” Moayedi said...
I got this off of the Dallas Urban Forum
I Credit DFWCRE8TIVE