Action on the West Edge Project??

Holy cow, wouldn't that be great news? The Kansas City Star reports that "A federal bankruptcy judge has agreed to an Aug. 26 auction of the unfinished West Edge project, concluding an eight-month effort to market the forlorn development." For those of us who have lived (me, mostly, anyway) through the original construction and now, nearby, as it sits not even half-completed, this would be great news, indeed. It's sat empty through two winters and more. What a mess. And check this out: Debts totaling $120 million were listed when the project developer, Trilogy Development Co. LLC, filed for Chapter 11 bankruptcy protection in May 2009. Trilogy was established by advertising mogul Bob Bernstein to build a 203,000-square-foot headquarters for Bernstein-Rein advertising and a 131-room boutique hotel at 48th Street and Belleview Avenue. The developer spent $100 million on the project before filing for bankruptcy with work about two-thirds complete. It will cost an estimated $40 million or more to complete the project. But wait--there's more: Major creditors include the primary lender, BB Syndication Services, a Wisconsin banking consortium, which lent $61.5 million; M&I Bank of Kansas City, which funded the $31.9 million tax-increment financing loan; and J.E. Dunn Construction Co., the general contractor, $13.87 million. CB Richard Ellis began actively marketing the property in January. Last spring, the real estate brokerage firm had identified a potential buyer, a “stalking horse” whose offer would have set the floor for other bidders, but a final deal couldn’t be completed. I think this means we--the citizens of KCMO are just about to "eat" $31.9 million in a TIF loan, but I'm not sure. Here's the big kicker: Several people familiar with the discussions said that offer was about $12 million. Looks like somebody's going to get themselves one heckuva bargain. Sorry 'bout that, Bob! Anyway, here's hoping someone buys the thing and gets the completion of it going. And as soon as possible. It is one big eyesore. Link to original post: http://www.kansascity.com/2010/08/11/2144283/judge-approves-auction-of-west.html