We have a couple of Back Talk updates in the works for the Town Center, but here’s a taste of how difficult the commercial real estate environment is these days: A huge, Town Center-like mixed-use development at Walnut Hill and Central Expressway may face foreclosure, according to the DMN.
You may remember the site as the former home of Willow Creek Apartments. I lived there for a few years back in the 1980s, and its reputation as a tinder-box was well earned. It seemed like the mostly wood-constructed complex had a major fire every year or two. But after many failed attempts at redevelopment, Provident Realty struck a deal with surrounding neighbors to build a $300-$400 million complex. So Provident leveled the apartment complex, started doing the dirt work, and then the economy tanked and Wachovia apparently is looking at forcing foreclosure over a $40 million debt.
The Town Center lesson is this: This site is similarly planned, in a much better location in terms of traffic and visibility, is fairly near a mass-transit station, and it’s currently in danger of failing — at least in the short term.
