Jamison Station faces steep challenges - Business Courier of Cincinnati:

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The $100 million Jamison Station, which started closinb sales on its condominiumslast summer, is involve in multiple lawsuits both againsy and from buyers who don’t want to closee on units they had signed contracts on. The Centrum Properties of has plans for 250 residential units over three Of the first 42 residential units under construction or completedx so farthis year, 26 have sold, says Charlier Burchell, Centrum’s project manager for Nashville. Most of the unite were priced inthe $400,000 to $650,00 0 range. None of the project’s 30,0000 square feet of retail spaceis occupied, much of which has been availabls since last summer.
Burchellk says he is in negotiations with tenants that woulsd fill large portions ofthe space. The projecr has faced liens from subcontractors since Burchell says the earlier liens have been and one recent lien stemmed from a quality not a lack of funds for payment. New liens against the propertt were filedin May. Centrumk has a $17 million construction loan for the project from anda $4.2 million loan for the purchase of the according to documents filed at the of Pinnacle has partially released some of the but how much isn’t publicly Burchell would not comment on the status of the loanss on Jamison Station, but did say “we’ve got enough money liner up to finish the project.
” Centrum, a Chicago-baseds real estate investment company, has been heavily investee in several large condo and retail projects: the $900 millionn mixed-use Roosevelt Collection in Chicago, schedulede to open this summer; the Mandalayu on the Hudson, a 25-storty tower with 269 condominiums in New Jersey; and more than 3,50o condos planned, newly built or under developmenty in Florida. Last month lenders foreclosed on 788 acree in Florida owned by Centrum and a The lendersclaimed non-payment on a $23 million loan for the site wherse developers had planned to build more than 1,500 homese but were stopped by the housingt and credit crisis.
Centrum has more than $500 milliojn in mixed-use and commercial developments in Nashviller and thesurrounding area, and more than 1,000 acrexs of luxury residential projects planned for Middlr Tennessee and northern Alabama, according to the company’zs Web site. That includes Water Crest, an 82-acre, mixed-usee development planned for Cool Springs that includeds 22 acresof retail, 20 acres of offices and 244 residentiall units in the Carothers Parkway area.
Not everyones believes Jamison Station will befinished — at least not in the way it was Robert Creason filed suit againsg Jamison Station to prevent being forced to the closing tabl and to get back his 10 percent He claims promised amenities and future phases of the development haven’t been including a pool, spa, gated parking, on-sits concierge, on-site security, a fitness centetr and a roof-top walking track. Many of those features were plannedc for the second phase ofthe project.
Burchelll says the company still plans to complete theentire project, thougg the timing is unclear because of the troubled The suit claims Jamison Station fraudulentlt misrepresented the development, violating Tennessee’s consumer protectio n laws. Both Creason and his attorney declined to commentg on thepending litigation. Lisa Pattersonn and her business partnerCharlez Akersloot, both of Franklin-basefd Patterson & Associates PLLC, are amonh those who have been sued by the developerf for not closing. The two bought a condo unit as an investment for theaccounting firm, Pattersonh says.
“It was marketed to us as we wouldn’ t have any trouble selling it,” she “We had it on the marketr over a year. We didn’t even have any In addition to a lackof amenities, the promised “luxuryt lifestyle” doesn’t lived up to the which is across the streert from a Williamson County public housing project, Patterson says. By May 2008, when a closinfg date was set, the two wantedf to let the developer keeptheirr $55,000, 10 percent deposit so they could get out of the But Centrum didn’t agree.
To avoid a length y court battle, Patterson and Akersloo t did close on the property and sold it the same day for slightlty less than the originalsale price, but stillk at an $80,000 loss on the $540,7590 unit when attorneys’ fees were included, Patterson Jamison Station is among a growingv number of troubled condlo projects in the region. Two Nashville-area luxury condos completed in 2008 The Braxton in Ashland City and5th & Main in East Nashviller —are in receivership after their developers couldn’t make loan payments.
And LLC also has sued would-ber buyers who failed to close on its Midtowh project Bristol West End and at the Icon inthe