In 2007, Crosland Tennessee President Bill Barkley announced plans to develop a 2 acre parcel of land in the Gulch into Griffin Plaza, a $35 million 10 story project with 140 apartments and 32,000 square feet of ground-floor retail space. With that announcement, the website went live and the buzz began to build with mentions of urban revitalization, green spaces, LEED certifications and urban pocket parks. However, as most of my readers know, 2007 was the very end of an era and the lender, First Carolina Bank, realized that turning dirt was not a prudent decision.

Fast forward a few years and rumblings of liquidity issues at both Crosland Tennessee and First Carolina Bank begin to emerge as the Southeastern real estate market continues a rather abrupt decline. At some point that Fall, Crosland does miss a $90,500 installment payment on their original $15 million loan and the stage is set. In late October 2009 a foreclosure filing was ordered and Crosland…

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