I learned last night that the bank that financed Seaboard Station was successful in flipping it from Chapter 11 bankruptcy to Chapter 7 bankruptcy. This means it will soon change hands, and William Peace University could certainly buy it, over the objections of the surrounding neighborhoods. Peace claims it has no plans to demolish it. Anytime soon, at least.
Citing “internal deadlines,” Peace president Debra Townsley said yesterday that Peace would not seek council approval again for municipal bonds. I think the university knows it would be fighting an uphill battle against the neighbors, who are still smarting over the university’s closing of Franklin Street years ago. There is still a lot of fence-mending there that needs to take place.
I hope the tenants there are safe. I would personally love to see a development firm buy the property as the retail interest at the property has never been stronger. The neighborhood watches with interest.