Monday, July 19, 2010

Title to Gilman/Durango mill site now back in the hands of the trustee.


July 16, 2010

For Immediate Release


Bridge Associates, LLP

(813) 286-2700

Camden County

Joint Development Authority

(912) 729-7201

St. Marys Downtown

Development Authority


Mill Site Granted

Back to Trustee

Tampa, Florida - July 16, 2010

Title to the former Durango paper mill site in St. Marys, Georgia was transferred back to the court appointed Trustee today as part of a court approved settlement agreement between the Trustee (Bridge Associates, LLP) and the former owner (The Landmar Group, Inc.). The transfer was in lieu of foreclosure after Landmar defaulted on a mortgage encumbering the property and subsequently filed bankruptcy. The property was transferred from North River, LLC (a Landmar controlled entity) to Old Weed and Ready Plantation, LLC (a Bridge Associates contolled entity). The transfer effectively resolves a legal entanglement that had placed the property in market limbo for over a year and the transaction brings this important parcel one step closer to redevelopment.

According to Mike Newsom, project manager with Bridge Associates, LLC, the court appointed Trustee, "we can now proceed with full authority to market and sell the Durango mill site property. There are many new opportunities that have come into being since the last time we sold this property, and we are looking forward to robust interest in this special plot of land. I would like to add that we are very appreciative of the support and marketing help we have received from the Camden County Joint Development Authority (the "JDA") and from the City of St. Marys."

According to David Keating, Executive Director of the Camden County Joint Development Authority, "the resolution of this legal matter clears the way for the property to get back on the market and sparks hope within the community that redevelopment may occur at some point soon. We sincerely appreciate the hard work and attention the Trustee has devoted to untangling the issues affecting the property so it can become productive once again."

Alyce Thornhill, Director of the City of St. Marys Downtown Development Authority stated, "getting the title settled is another necessary step to continue to move this project forward. This investment opportunity has the potential to transform our city and create much needed jobs and new business."

At +/- 720 acres, the former Durango paper mill site is one of the largest, privately owned, deep water, rail served sites remaining in Coastal Georgia that is also served by public utilities; including water, sewer, electricity and natural gas.


Anonymous said...

Lets just hope that they will bring jobs instead of rooftops.

Anonymous said...

I hope they capitalize off the port aspect. If Hill wins surely it will be rooftops, though.