Stalled Broadway project sold for $4.77 million at foreclosure

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Stalled Broadway project sold for $4.77 million at foreclosure
2006-08-03
A creditor foreclosed Tuesday on a half-completed project on Broadway near the Interstate 35-Interstate 37 interchange, clearing the way for progress on its hulking concrete building shells. Colina del Rio LP, a partnership among San Antonio developers Ed Cross, Paul Fagan, David Adelman and other investors, bought the Villaje del Rio property at 1215 Broadway for $4.77 million. Colina, which was the original developer's creditor, used its lien against the property as a bid. Last week, a bankruptcy judge denied a move by George Geis, the original developer of the project, to stave off the foreclosure. Villaje del Rio was conceived by Geis as a mixed-used development of apartments and office and retail space. Colina is planning to move forward with that concept, although a new design may incorporate more housing than the originally planned 253 apartments, said Adelman, vice president of Cross & Co.
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