We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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Public record shows that Old Town North filed for bankruptcy on May 29, listing assets of approximately $4.97 million and debts of $4.92 million. Public Service Credit Union is listed as the company’s major creditor, owed $2.6 million.
The phone number listed on Old Town North’s website has been disconnected and calls to the office of the company’s attorney were not returned in time for this publication.
Old Town North is a 45-acre project located just north of Vine Drive and east of College Avenue combining live-work elements. The plans called for a two-phase project, the first of which would focus on mixed housing types.
Phase two of the project was planned to include the “Uptown Arts” project, to contain a combination of retail space, offices and studios for artists.
The status of the project is unclear at this time.