Developer to begin Harborside condos

Published on Thu, Apr 24, 2008 by ack Kintner

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Developer to begin Harborside condos

By Jack Kintner

California developer Art Weiner said Tuesday that he plans to begin construction of the long delayed Harborside condominium project at the southwest corner of H Street and Peace Portal Way in two to three weeks.

This was corroborated by Mel Vogelzang, construction supervisor for the contractor, Wellman and Zuck of Bellingham. “We should be able to build out the project in ten months or so,” Vogelzang said, “and we’ll start in two to three weeks.”

The four story nine-unit condominiums will sell for $550,000 to $750,000 apiece, Weiner said, adding that he has deposits on four of the units. The $6 million project was originally planned and permitted by Bellingham developer Rick Osburn. Working with Ron Freeman Real Estate, Osburn had deposits on all the units and 14 back-up offers, but all deposits were returned when the project was sold to Weiner in 2006.

Weiner later defaulted on the loan he’d taken out to buy the project. The bank foreclosed and it was scheduled for a sheriff’s sale earlier this month until Weiner sold another property and was able to redeem the loan and with it the Harborside project, since the permits are still valid.

Plans call for parking underneath, retail stores on the ground floor and condominium units above. Sales, according to Weiner, are being handled by Mike Kent.

Weiner also said that he has sold his planned 10.5 acre 90-unit Terrell Creek Villas Condominium project in Birch Bay but would not reveal the buyer. The development is also in foreclosure due to a $6.8 million debt owed to First Down Capital of Bountiful, Utah. A foreclosure sale is set for June 27.

Weiner was sued last year by his development partners on the Terrell Creek Villas project, Robert and Vicky Flick, who contended that he withdrew money from that project to pursue Harborside.

Weiner said that the buyer, with whom he has a signed purchase contract, will undoubtedly pursue building the seven-story project “as long as he can get financing.” He added that he felt confident that the buyer could do that because the market for waterfront properties remains strong, as does Canadian interest in the area.