Nashville, TN, January 16, 2015 --(PR.com
)-- The Nashville Biltmore Development is pleased to announce that it has settled all claims in its case against NBH Bank and has been released from bankruptcy as of September, 2014.
JMJ Development is ready to move forward with the project and take advantage of current positive market conditions.
Recently, Biltmore has been receiving numerous calls from major retailers as well as homebuilding firms interested in the project. Negotiations are underway with two large holding companies interested in the road and infrastructure as well as the potential for vertical development.
Biltmore holds zoning in place to build just under 1 million square feet of commercial development as well as over 1,400 residential units.
Biltmore has begun the approval and permitting process required to start road construction with anticipation to have the project underway second quarter of 2015.
It was clear from the beginning that a project of this magnitude can stop and start several times dependent on market conditions. Naturally, you hope unforeseen circumstances do not happen, but having a group with depth and experience allows projects to persevere through difficult market conditions. These market conditions were compounded by the fact that Biltmore’s lender, Hillcrest Bank, collapsed and was taken over by the FDIC just at the point when Biltmore was ready to begin road construction. Once the bank failed and was taken over, options quickly narrowed.
"Of course if we did get fully funded at that time we could have had a lot of real estate for sale and no buyers so sometime bad news turns out to be good news," Frank Deleo said. Thankfully once Hillcrest Bank was restructured and the new ownership took over, we were able to create options that became win-win for all parties. "We are pleased to have navigated through this tough period and now look forward to getting back to work," said Frank Deleo, spokesman for Biltmore.