Bank files foreclosure against Ruskin Heights
! Project touted as 'new urbanism' cited in city's master plan
Posted: August 4, 2009 at 6:32 a.m.
FAYETTEVILLE — A Mission Boulevard subdivision touted as a prime example of the "new urbanism" advocated in the city of Fayetteville's master plan faces a foreclosure lawsuit filed Monday.
Metropolitan National Bank filed the foreclosure action against Ruskin Heights and several investors who guaranteed portions of the $8.3 million debt. The guarantors include local investors Dirk Van Veen, Edward Davis and Carlen Hooker; three Memphis investors - William Brown, J.Kevin Adams and Edward A. Labry III; and John Brittingham, an investor from Texas.
The bank is seeking judgment for pastdue principal and interest of more than $8.7 million plus attorney's fees. The outstanding debt is accruing interest of almost $1,900 each day, according to the lawsuit.
This 29-acre, mixed-use development in east Fayetteville has been touted by the developers and former Mayor Dan Coodyas the type of development city leaders were thinking about when they developed the city's 2025 plan.
Ruskin Heights was chosen to participate in the U.S. Green Building Council's Leadership in Energy andEnvironmental Design for Neighborhood Development pilot program.
The council initially approved the development in March 2007, but not before nearby property owners put up a fight. One outspoken critic, Don Conner, faces a lawsuit filed by the project developers over a comment that Conner made a City Council meeting.
Van Veen said he and the other local developers had no comment on the lawsuit, but he confirmed that curbs, streets, and water and sewer lines are completed for Phase 1 of the development. They still owe the city a payment for parks and a traffic signal and a bond for trees, but the project is almost ready for final plat on Phase 1, he said.
News, Pages 1, 7 on 08/04/2009
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