A developer is negotiating with Bank of America to acquire the 19 unsold Riverwalk units that have gone into foreclosure.
Redevelopment Agency attorney Frank Regan told commissioners last week that the city has provided the developer with information regarding the outstanding issues at Riverwalk, namely on-site improvements that remain undone and reimbursement to the city for work that was completed in the spring. The developer requested that the city not identify them, Regan said, adding that the developer is familiar with the city and and its redevelopment efforts.
Bank of America has started the foreclosure process on 19 unsold Riverwalk units, seven of which the city planned to pursue for property taxes. Diversified Communities built a total 86 townhouses in the Riverwalk project. The developer had ideas to build another 40 on adjacent property but did not due to the cost of remediating environmental issues, and at one point was a player in the Town Center project that was proposed three years ago.