The developer of the French Renaissance-style condos at Providence and Sharon Amity roads has filed for bankruptcy protection. Among the top 20 unsecured creditors: Mecklenburg County.
According to the bankruptcy petition, filed in the middle district of Georgia, developer Jerry Stephens, managing director of WCDM Development Co. of Macon, Ga., owes $396,195.71 in 2009 property taxes.
Click here to read the petition.
As reported by the Observer's Kerry Hall Singe last week, the Rosewood Condominiums, started in 2005, pushed the limits of the Charlotte luxury market, touting amenities such as concierge service, massage rooms and a putting green.
The 134 condos range from the $400,000s to more than $1.5 million. The developer still owns 52 units, according to court filings.
The bankruptcy petition came three weeks after its lender started foreclosure, the latest example of how lenders are trying to take back properties as developers struggle to sell homes in a soft market.
Eight would-be buyers who paid more than $1 million in deposits are also among Rosewood's top unsecured creditors.
- Doug Miller