From The New West Blog
Boise Place Company to be Liquidated
By Matthew Frank, 6-18-08
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| The "Big Hole." Photo by Andrew Kuraitis | |
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Boise Place will not be built.
A judge has ordered that the assets of developer Gary Rogers’ Charterhouse Boise Downtown Properties, having failed to convert the “Big Hole” in downtown Boise into an envisioned 31-story, mixed-use development called Boise Place, be sold to pay off creditors, the Idaho Statesman reports.
This is the second time plans for that site have fallen through. Charterhouse bought the site in 2006 after developer Rick Peterson’s decade-long effort to build the 25-story Boise Tower resulted only in a construction hole that blights one of Downtown’s busiest areas.
Bankruptcy Judge James D. Pappas said appointing a trustee to sell off Charterhouse’s assets offered the best chance of generating any money to pay off what is owed to Charterhouse’s secured and unsecured creditors.
The Statesman considers some of the possible bidders—including Peterson.
Across the West, amid the national real estate slide and the credit crunch, a growing number of high-end developments are in arrears. The Boise Place company is among the first to be liquidated.
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