By Max Marbut, The Daily Record
Abandoned for more than six years and in litigation for nearly as long, the Berkman Plaza II condominium tower project sold at auction April 29 in fewer than 60 seconds — for $100.
After being granted a $10.2 million judgment and lien, Choate Construction Co., the general contractor on the 18-story development Downtown along the St. Johns River, was the lone bidder in a foreclosure auction and secured the property for $100.
“We would much rather somebody walked in with a check for $10 million,” Choate Chief Operating Officer Michael Hampton said.
“We’ve had a lot of interest,” he said. “They see it as a high-rise apartment opportunity.”
He said while the rent structures won’t support developing luxury Downtown riverfront property from the ground up, having 18 stories of concrete already in place should be an advantage.
Hampton said a potential developer toured the site in February.
“They were pleased how well it has weathered. There are no cracks and no rust,” he said.
“We want to find a developer who can make it a real jewel,” said Hampton. “There’s no doubt that five-10 years from now, that will be the place to be.”