Someone is finally making a decision about the eyesore that is The Boise Hole!!! This article is from http://www.idahostatesman.com/
Bankruptcy judge orders crater at 8th and Main to be sold at auction
It's been more than 10 years since plans began for a high-rise tower at the corner of 8th and Main Streets in Boise were launched. Now a federal bankruptcy judge has ordered the property, infamous hole and all, to be auctioned next month.
After years of financial troubles, including a failure to reorganize after a Chapter 11 bankruptcy filing last summer, the Boise Place property is set to be auctioned on April 7, said Phil Kushlan, executive director of the Capital City Development Corp., Boise's urban-renewal agency.
Robert Capps Homes, a Lake Tahoe, Calif., development company, holds a lien on the property. Capps is owed more than $2.57 million by developer Gary D. Rogers' company, Charterhouse Boise Downtown Properties. Capps bought the original $2.57 million loan from Alpha Lending LLC in Boise.
Alpha had financed Charterhouse's acquisition of the old Boise Tower site from former developer Rick Peterson. Rogers hoped to replace Peterson's never-built Boise Tower with a new project he called Boise Place. But Rogers' plans went nowhere either. Charterhouse filed for bankruptcy in 2007 after Alpha started foreclosure proceedings when Charterhouse defaulted on the loan.
After years of financial troubles, including a failure to reorganize after a Chapter 11 bankruptcy filing last summer, the Boise Place property is set to be auctioned on April 7, said Phil Kushlan, executive director of the Capital City Development Corp., Boise's urban-renewal agency.
Robert Capps Homes, a Lake Tahoe, Calif., development company, holds a lien on the property. Capps is owed more than $2.57 million by developer Gary D. Rogers' company, Charterhouse Boise Downtown Properties. Capps bought the original $2.57 million loan from Alpha Lending LLC in Boise.
Alpha had financed Charterhouse's acquisition of the old Boise Tower site from former developer Rick Peterson. Rogers hoped to replace Peterson's never-built Boise Tower with a new project he called Boise Place. But Rogers' plans went nowhere either. Charterhouse filed for bankruptcy in 2007 after Alpha started foreclosure proceedings when Charterhouse defaulted on the loan.
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