Wednesday, March 21, 2012

Plaza Residences Site Sold...Again

Eight years ago, a group called Renaissance Centro Columbia paid General Growth Properties $5,250,000 for a 1.1 acre parcel in Columbia Town Center. They intended to build a luxury condo building on the site where an office building and Bennigans restaurant once stood.

Five years later, in a “non-arms length” transaction, WCI Communties gained control of the site and soon announced plans to build a twenty three story high rise luxury condo project dubbed “The Plaza Residences at Columbia Town Center.”

A lawsuit seeking to block the project soon followed and by the time the final verdict was rendered, the real estate bubble burst and WCI Communities sought protection of the bankruptcy courts. The project was scrapped and the property was put up for sale.

Yesterday, it was sold again to a group identified as LPP Investors for $3,500,000.

Even though the sales price was almost two million less than it was eight years ago, it is still a very impressive number for a little over an acre of land.
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