When a Project Lender Goes Under, A Developer Decides to Go Green
With three buildings completed, the fourth building at 80% complete, and the fifth building just started, problem struck the development when the project lender went under. Warren Jolly, the owner and president of The Providence Group, the projects developer, decided to build a park in place of the other building.
According to reporter John Caulfield, Providence had already invested $3.8 million into the fifth building and parking deck, and Jolly estimates that it would have cost another $4 million to complete. Jolly believes that developing a park in place of the old building is a smart decision because "many of the existing condos don't have greenspaces." The park, according to the Providence Group, includes a dog park, raised vegetable plots, a natural seating area overlooking an outdoor amphitheater, an outdoor kitchen with grill and counter space, and a lighted dining patio with seating.