Post by bigsmooth on Aug 17, 2005 7:51:20 GMT -5
well the golf course idea is dead, but im glad to see this project is going to work!
Liberty Village's new life
Ron Brown
rbrown@newsadvance.com
Wednesday, August 17, 2005
As Liberty Village continues through bankruptcy in New York, a new developer has emerged with plans to build a 1,100-unit continuing care community on the project’s 140-acre site.
“We’re going to have a fresh start,” said Bob Gibbs, a consultant for American Heritage Communities, a Frederick, Md., firm.
Gibbs said he hopes a new building phase for the project can begin either this fall or early next year.
A new site plan for the Liberty Village Continuing Care Community calls for 228 single detached homes, 727 independent senior-care units, 45 town homes and 100 skilled care/assisted care units.
“There will be a large medical facility,” Gibbs said.
The new plan must pass muster with the bankruptcy court before construction can begin.
“We’re negotiating with (the court) right now,” Gibbs said.
Representatives of American Heritage Communities met earlier this year with the Rev. Jerry Falwell, who has agreed to help market the revamped Liberty Village.
“I think there is a great need for what they are suggesting,” Falwell said.
Under the project’s marketing plan, Jerry Falwell Ministries would receive either 2 percent of the gross sales or 10 percent of the profit for Falwell’s involvement.
Buyers will be asked to pay for the units with a lump sum investment. They also will pay a monthly service fee.
When the investor dies, their unit will be resold and proceeds from the sale returned to their estate.
Representatives from American Heritage Communities have told Falwell they were interested in pumping about $25 million into the project, which is located on Candlers Mountain Road in Campbell County.
Developers will have to once again get approval of Campbell County’s planning commission and Board of Supervisors, said Paul Harvey, the county’s director of community development.
“We think we have a very solid plan,” Gibbs said. “The core of the project will be multi-family, multi-unit, multi-story buildings.”
Gibbs said the new developers likely will maintain the 24 to 25 single-family homes that have been built on the site.
The multi-family units that have been started will be demolished and rebuilt, Gibbs said.
Gibbs said the project could ultimately contain 1,500 units.
The new developers also have to rebuild the project’s financial picture by ridding the new firm of the debt encumbered by Liberty Village Associates Limited Liability Partnership, which filed for Chapter 11 bankruptcy in March 2004.
By filing bankruptcy, Liberty Village Associates warded off lawsuits from creditors, including a $20 million claim from Community National Bank.
Another $3 million in lawsuits were filed by subcontractors, many of whom were never paid.
Gibbs was non-committal when asked if all the subcontractors will get paid.
“The people who are justified creditors, we will work with,” he said. “There are many out there that are not justifiable.”
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Liberty Village's new life
Ron Brown
rbrown@newsadvance.com
Wednesday, August 17, 2005
As Liberty Village continues through bankruptcy in New York, a new developer has emerged with plans to build a 1,100-unit continuing care community on the project’s 140-acre site.
“We’re going to have a fresh start,” said Bob Gibbs, a consultant for American Heritage Communities, a Frederick, Md., firm.
Gibbs said he hopes a new building phase for the project can begin either this fall or early next year.
A new site plan for the Liberty Village Continuing Care Community calls for 228 single detached homes, 727 independent senior-care units, 45 town homes and 100 skilled care/assisted care units.
“There will be a large medical facility,” Gibbs said.
The new plan must pass muster with the bankruptcy court before construction can begin.
“We’re negotiating with (the court) right now,” Gibbs said.
Representatives of American Heritage Communities met earlier this year with the Rev. Jerry Falwell, who has agreed to help market the revamped Liberty Village.
“I think there is a great need for what they are suggesting,” Falwell said.
Under the project’s marketing plan, Jerry Falwell Ministries would receive either 2 percent of the gross sales or 10 percent of the profit for Falwell’s involvement.
Buyers will be asked to pay for the units with a lump sum investment. They also will pay a monthly service fee.
When the investor dies, their unit will be resold and proceeds from the sale returned to their estate.
Representatives from American Heritage Communities have told Falwell they were interested in pumping about $25 million into the project, which is located on Candlers Mountain Road in Campbell County.
Developers will have to once again get approval of Campbell County’s planning commission and Board of Supervisors, said Paul Harvey, the county’s director of community development.
“We think we have a very solid plan,” Gibbs said. “The core of the project will be multi-family, multi-unit, multi-story buildings.”
Gibbs said the new developers likely will maintain the 24 to 25 single-family homes that have been built on the site.
The multi-family units that have been started will be demolished and rebuilt, Gibbs said.
Gibbs said the project could ultimately contain 1,500 units.
The new developers also have to rebuild the project’s financial picture by ridding the new firm of the debt encumbered by Liberty Village Associates Limited Liability Partnership, which filed for Chapter 11 bankruptcy in March 2004.
By filing bankruptcy, Liberty Village Associates warded off lawsuits from creditors, including a $20 million claim from Community National Bank.
Another $3 million in lawsuits were filed by subcontractors, many of whom were never paid.
Gibbs was non-committal when asked if all the subcontractors will get paid.
“The people who are justified creditors, we will work with,” he said. “There are many out there that are not justifiable.”
Go Back