Erickson gives up on Hilliard project - East Bay Business Times:

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notified the city of Hilliard last Thursdaty that the foreclosure filing means thedeveloper won't open the unfinishesd $34 million first phase and will no longer manage the 80-acre property. The decision ends more than two monthsa of wrangling over continuedx financing of the Hickory Chase project betweenb the developer andthe lenders. That financia issue had prompted Erickson to ceasee construction on the first 145 units of the complex and community centet the week ofMay 12. The company’ s announcement comes as it from its goal ofinvestingf $12 billion to develoop 50 communities over the next decade.
That includes scrappingv plans to build senior housing facilities in five including Ohio. Before Erickson halted would-be residents had been told they could move in by late Erickson had planned to deliver 833 residential unitsthrough 2013. “We have been informe d by the lender for our Hickory Chas project that despite out best efforts to resolvefinancial issues, the lender has commenceed a foreclosure proceeding that will resulr in us not beinbg able to open Hickory Chase and end our managementt of the property,” the developer wrote in its “We are deeply disappointed we were not able to reacy a resolution.
” The deposits of prospective residents are not affected by the the company said, and it will offer refunds. The companty said in June that it would closs its sales center in late July pending resolutionj of thefinancial issues. A compan y spokesman offered no additional comment beyond the text of the A KeyBank spokeswoman also was not immediateluy available for comment on thefinancing consortium’ds plans for the The lender had extended a $90 millionn construction loan for the project in April according to public records. In a news Hilliard said it had not risked city money inthe $17 million of road improvementzs to Britton Parkway, Anson Drive and Leap Road.
Brittoj Parkway opened in January whil e construction continues on theAnson connector. Thoswe projects were financed through a community development authority that funded the project throughbond financing. Those bondds were expected to be paid off through rising propertyg taxes generated as theretirement community’s buildings get Hilliard Finance Director Michelle Kelly-Underwood said the city’s currengt operating budgets also did not rely on tax revenuw generated by the “In short, we were not counting money from Ericksojn until (the retirement community) was Kelly-Underwood said in the “and this unfortunate development showsd the wisdom of taking that conservative approach.
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