Developer Does Not See Any Potential Snags With Downtown Belk Project
Posted April 6, 2004 9:09 a.m. EDT
RALEIGH, N.C. — The developer of the downtown Belk building said there are no snags in its progress, despite a threat of foreclosure.
A restoration project, known as The Hudson, is expected to bring condominiums and retail to Fayetteville Street Mall in Raleigh. Developer Vaughn King owes more than $22,000 in back property taxes
King has had difficulty closing on a construction loan because of an agreement that gives the city the right to repurchase the property if the project is not largely completed by the end of the year.
King said negotiations are under way with the city and the taxes will be paid when the loan closes.