OK, weird. I wrote this on July 19, and thought I'd posted it. Clearly not. So, this post is a bit stale, but I'm putting it up anyway. I'm just getting back from vacation and I'm trying to catch back up with everything, including this story. I suspect it may take a few days.
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Here's yet another article about the Justin French/Markel story, originating with Mr. French's strategic defaults on various commercial properties in various locations throughout the City of Richmond. There have been several BizSense articles, so check out their website. Note the comments, which are, IMHO, the best part of the articles.
I'm fascinated because Scott's Addition is my neck of the woods, and I've got experience with historic tax credit renovations. I work with a number of investors who use historic tax credits for renovation projects, although most do not do whole-cloth warehouse conversions/multifamily adaptive reuse projects of this size and scale. I myself have used tax credits on two "flips," including my current personal residence.
My two cents on this most recent article, for what it's worth: Being the daughter of a contractor, my strongest sympathies lie with any tradesman or contractor who has worked on a project and not gotten paid. In this economy, these guys are surviving job to job, going out of pocket on materials, working in good faith, and to be caught in the cross-fire here...well, I think it's shameful.
Here's hoping the little guys get paid. SOON.
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