Posts Tagged “Barry Real Estate”

By Jim Sack

Wednesday, the Fort Wayne Redevelop Commission will meet. Top on the agenda will be the Harrison, the source of great frustration for the administration, its Redevelopment director Greg Leatherman, the volunteers and staff who are the RD Commission, nearly every member of city council, pundits, sages and a few thousand interested citizens. Perhaps I should add to that list of hand-wringers the principles of Hardball Capital and Barry Realty. Everybody is frustrated, angry and befuddled by this project, fingers have been pointed, blame assigned and plenty of citizens have made recommendations, some civil, as to what to do with “that hole.”

Truth is, more than anything else, the market is to blame. Wall Street, Goldman Sachs, Phil Gramm, everyone who cheated on a mortgage application, Freddie, Fannie, sleazy get-rich-quick brokers, six camels in Kuwait and me. I accept full blame. Time to move on.

But to where? Read the rest of this entry »

Ironic.

Central Atlanta Progress, in partnership with Commercial Real Estate Women (CREW) of Atlanta, has set the line ups for the breakout panels at CAP’s Eighth Annual 2010 Downtown Development Day, which will take place Nov. 4 at AmericasMart Building 2 WestWing.

Experts from Cousins Properties, Forest City Enterprises, Bank of America Merrill Lynch, Atlanta Development Authority and other esteemed companies will offer their knowledge and insight into what’s happening in Downtown. The panels will run concurrently from 10:45 a.m.-12 noon.

Panel 1 will discuss how to attract retail and residential development to Downtown.

Panelists include Jim Borders, CEO, Novare Group; Michael I. Cohn, executive vice president retail investments, leasing and asset management, Cousins Properties; Sarah Kirsch, senior principal, RCLCO; and Harvey Rudy, senior director of development, Barry Real Estate Cos. The panel will be moderated by Herman H. Howard, vice president – Atlanta regional practice leader, HOK.

The W Atlanta-Downtown hotel and condos project went back to its lender this week. The Atlanta Journal-Constitution reported that the hotel tower, which was developed by Barry Real Estate Cos. was foreclosed upon by the senior lender, a joint venture between the FDIC and Square Mile Capital Management. Barry Real Estate had ceded its ownership stake to Capri Capital Partners, the hotel’s mezzanine lender, in order to avoid foreclosure.

Barry walked away from it’s ownership in April. Makes you wonder when they’ll walk away from Fort Wayne.

By Jim Sack

Monday afternoon the Redevelopment Commission voted to start the clock ticking. A draft of a letter to Barry Real Estate and another to Hardball announce the city’s holds Barry in default of its agreement with the city of Fort Wayne concerning Harrison Square, namely construction of the Harrison, a mix residential/retail building along Jefferson Boulevard. Read the rest of this entry »

By Jim Sack

Bingo.

Saturday, in the News-Sentinel Kevin Leininger pretty much nailed the issue of Harrison Square. It is worth the $.50 at a news stand near you to read what he has to say. Buy the paper. It keeps a smart voice in business. Read the rest of this entry »

By Jim Sack

Greg Leatherman gave quite a performance last night at council. The head of Fort Wayne Redevelopment spoke powerfully and without hesitation. He recounted a short history of the Harrison Square project and how it has come, mostly, to fruition. Leatherman, flanked to his left by Fort Wayne Corporate Attorney Tim Haffner, said that four-fifths of the massive project has produced jobs, tax revenue, new activity downtown, jobs again and a spirit of community. He lamented the failure of developers Barry Realty/Hardball, BHB, to complete the condo-retail portion of the project, but said his office, Redevelopment, has constantly monitored their efforts and progress, and feels they are making a good faith effort. He was a veritable bundle of good news and optimism. Read the rest of this entry »

By Jim Sack

Finally, after a lot of prodding by Council members John Shoaff, Tom Smith and Mitch Harper, not to mention you and I, the Redevelopment Commission has voted to tell Barry/Hardball that the Atlanta firm is in default. The building they promised would be completed last year is still to be begun. Read the rest of this entry »

By Jim Sack

It was a bittersweet moment today for Graham Richard, our former mayor.

Graham stood at the very back of the crowd of 200 or so people, mostly heavy hitters, politicians and affiliates of one downtown organization or another, to watch current Mayor Tom Henry, Redevelopment Director Greg Leatherman and a few others give and take credit for the new hotel adjacent to the ballpark. Read the rest of this entry »

By Jim Sack

September first is the grand opening day of the new hotel adjacent to Parkview Field in downtown Fort Wayne. It should be seen as a feather in the cap of Mayor Tom Henry, and should also call into question the administration’s support for Barry Realty.

When Mayor Graham Richard envisioned the massive central city development there were four components: the ball park, the hotel, the condo/retail building and a parking garage. Three are now operating. Only the Barry Realty promise to build the condo building -four stories, scores of condos, ground-floor entertainment and offices- remains unfulfilled. Read the rest of this entry »

All has been quiet on the Barry Real Estate, Harrison Square fubar situation.

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When all else fails, blame someone else.

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