[PAmedic]

TALLY brought up a good about the status of this project

anyone know whats going on ? here's a recap of the latest info we had over on the other board

http://libertysports.proboards29.com/in ... 1124283080
well the golf course idea is dead, but im glad to see this project is going to work!

Liberty Village's new life
Ron Brown
rbrown@newsadvance.com
Wednesday, August 17, 2005

As Liberty Village continues through bankruptcy in New York, a new developer has emerged with plans to build a 1,100-unit continuing care community on the project’s 140-acre site.

“We’re going to have a fresh start,” said Bob Gibbs, a consultant for American Heritage Communities, a Frederick, Md., firm.

Gibbs said he hopes a new building phase for the project can begin either this fall or early next year.

A new site plan for the Liberty Village Continuing Care Community calls for 228 single detached homes, 727 independent senior-care units, 45 town homes and 100 skilled care/assisted care units.

“There will be a large medical facility,” Gibbs said.

The new plan must pass muster with the bankruptcy court before construction can begin.

“We’re negotiating with (the court) right now,” Gibbs said.

Representatives of American Heritage Communities met earlier this year with the Rev. Jerry Falwell, who has agreed to help market the revamped Liberty Village.

“I think there is a great need for what they are suggesting,” Falwell said.

Under the project’s marketing plan, Jerry Falwell Ministries would receive either 2 percent of the gross sales or 10 percent of the profit for Falwell’s involvement.

Buyers will be asked to pay for the units with a lump sum investment. They also will pay a monthly service fee.

When the investor dies, their unit will be resold and proceeds from the sale returned to their estate.

Representatives from American Heritage Communities have told Falwell they were interested in pumping about $25 million into the project, which is located on Candlers Mountain Road in Campbell County.

Developers will have to once again get approval of Campbell County’s planning commission and Board of Supervisors, said Paul Harvey, the county’s director of community development.

“We think we have a very solid plan,” Gibbs said. “The core of the project will be multi-family, multi-unit, multi-story buildings.”

Gibbs said the new developers likely will maintain the 24 to 25 single-family homes that have been built on the site.

The multi-family units that have been started will be demolished and rebuilt, Gibbs said.

Gibbs said the project could ultimately contain 1,500 units.

The new developers also have to rebuild the project’s financial picture by ridding the new firm of the debt encumbered by Liberty Village Associates Limited Liability Partnership, which filed for Chapter 11 bankruptcy in March 2004.

By filing bankruptcy, Liberty Village Associates warded off lawsuits from creditors, including a $20 million claim from Community National Bank.

Another $3 million in lawsuits were filed by subcontractors, many of whom were never paid.

Gibbs was non-committal when asked if all the subcontractors will get paid.

“The people who are justified creditors, we will work with,” he said. “There are many out there that are not justifiable.”

[PAmedic]

this thread has a ton of stuff-

http://libertysports.proboards29.com/in ... 1120229577

[absturgill]

When I was last at Liberty at Homecoming 2005, nothing had happened to LV and it still looked the same as it did before. It's a shame because that area has a lot of potential.

[TallyW]

I'm planning to retire there in 35-40 years so I hope they get it going. The model homes looked very nice. I'd still like to see it. I LOVED what came of http://www.wyndhurst.net If LV could become a version of Wyndhurst for older people, we'd be in business.

[PAmedic]

TALLY sounds like you have a project to start on

[absturgill]

I agree Tally, Wyndhurst is amazing, if LV could be that it would be great

[Hold My Own]

Has anyone been up there? I love the way it looks although it looks like a ghost town now...but it really reminds me a lot of Celebration Station (is that the name?) down in Florida...it's sad what happened up there, although there actually is 1 or two couples that live up there as of last year...hopefully the master plan will unfold and a golf course and several other great attractions will happen

[TallyW]

It's been a while for me (maybe a year?). I had never seen it before but when I turned into it I was very impressed. I could see the vision and it looked beautiful. I was bummed to hear that the company fell through. To me it seems like a great project. It's also a great way to get some big donors a 2nd home near the campus. I could see the day when retired people make LU a destination to see where their donations are going. They could come and play golf, come enjoy some atheletic events, have LU host them for periodic banquets for the flames club, etc. It could also serve as a great place for those who just want to slow down and live out their final years in peace in a Christian atmosphere... I see potential.

Medic... you in? I'll pencil you in to run the clinic?????

[SuperJon]

I know a company that wouldn't mind having the appraisals for the entire thing...

[TallyW]

Is it called "SJ Inc." ?

[SuperJon]

Or Carone Appraisal Services. Either way.

[PAmedic]

I knew a guy that worked for a "Carrone", along the water front in Hoboken or Jersey City. havent heard from him in a while- some sort of incident involving the East River and the unions running the fish market. Cement shoes?

oh- you're not THAT Carrone. never mind

[bigsmooth]

i am still holding out on a championship level golf course that we could eventually host an NCAA Regional or championship. the views up there would be excellent!

[Rocketfan]

I guess if they tried to sell they wouldn't get a whole lot since the plays is not that attractive......i will say though, that most of that place will have to be gutted, its going to cost a ton of $$$ for someone to do it. I really can't believe its taken this long though, with all the other construction around town, i figured it was just a matter of time.

[Hold My Own]

i dunno if it'll have to be gutted, I'll find out tonite

[absturgill]

A lot if it has to be gutted. It is a lot of open construction that has been there for years

[Hold My Own]

I spoke with JF today about this just to give the board an update on it...I have completely forgotten but LU doesnt own that property anymore, it was sold and the company paid LU up front (so it's not like they still owe us money) but now it's in the banks position and they are looking for someone to come in and do something great with it, but he's like us and only hears rumors of what's actually going to happen

and i was correct there are still 3 families that live up there...and if you ever have been up there at night you would know how freaky that can be

[TallyW]

JF- Jerry or Jonathan or Jerry Jr.?

[LUconn]

Drove by on my way to work this moring. There was a small army of landscapers going to town. Anybody know if it was pruchased? It was starting to look pretty bad.

[A.G.]

I was by there a few weeks ago--it looked uninhabited. Weeds up everywhere. Windows broken out of the homes. A shame. It was a great idea, in concept.

[Rocketfan]

Now that would be a story since that is still prime real estate? Someone is paying those landscapers, so either one of the 3 homeowners is or someone else?

[Rocketfan]

You seeing any more activity or what?

[LUconn]

nope, they just mowed the front area and made the front entrance look nice. They didn't go beyond the gate though. You can see the fountain with the tall grass growing out of it from the road. I'm not sure what the point of it was, who had them do it, or why there was so many of them to do a small amount of work. Maybe an investor was dropping by and the bank decided to spruce it up a bit.

[A.G.]

http://www.newsadvance.com/servlet/Sate ... 9741&path=

LU hopes to revive project

Ron Brown
rbrown@newsadvance.com
August 26, 2006

Liberty University has acquired controlling interest in a development company that hopes to resurrect the financially troubled Liberty Village project.

The school recently paid $2.2 million to bring the project out of U.S. Bankruptcy Court in New York.

“We have not liked it at all that Liberty Village is sitting there in disrepair with our name attached to it,” said the Rev. Jerry Falwell, LU’s chancellor. “The former owner went into bankruptcy and we felt it looked bad on us. So we bought it out of bankruptcy and we are now going to partner with another firm to build out the original intent.”

The new firm, American Heritage Communities, was having trouble getting financing to purchase the project while it was in bankruptcy.

“Their deadline with the court to close on the property was July 15, but they weren’t quite ready to close,” said Jerry Falwell Jr., LU’s vice chancellor. “So Liberty decided to buy an increased ownership interest and give the developer more time.”

Under the original development plan, LU owned 10 percent of Liberty Village. The recent purchase gave the school a majority interest.

“We have never wanted to be the developer of this project,” Falwell Jr. said. “That’s why we structured our involvement like we did. We just wanted to receive a small percentage for marketing the project.”

Under the original plan, the Rev. Falwell would serve as Liberty Village’s chief spokesman and his ministries would be compensated at either 2½ percent of the gross or 10 percent of the profits, whichever was greater.

Falwell would also be reimbursed for any out-of-pocket expenditures he incurred while promoting Liberty Village.

Falwell will continue in that role with the new developer.

Falwell Jr. said the ultimate goal is to have the new developer buy out LU’s majority interest and return LU to holding only a small percentage of the company, which is called American Heritage Communities/Liberty Village LLC.

The original developer, Liberty Village Associates, had to file bankruptcy to ward off creditors.

Subcontractors and other vendors claimed about $3 million in unpaid bills.

Community National Bank was the largest creditor with a $20 million claim.

“It is our understanding that the money we paid will go to pay everybody except the bank and the bank has agreed to stay in the deal long term,” Falwell Jr. said.

He said holding the majority interest gives the university leverage to make sure the project stays on track.

“We’ll just watch the progress and as long as the new developer is moving forward, we’ll work with them,” Falwell Jr. said.

In March, a federal bankruptcy judge approved a reorganization plan that allowed American Heritage Communities, a Frederick, Md., firm, to proceed with the project.

The plan, accepted by U.S. Bankruptcy Judge Allan L. Gropper, recast Liberty Village as a 1,100-unit continuing care facility along Candlers Mountain Road.

The original development plan was to have Liberty Village as a retirement community for Christian seniors.

American Heritage Communities’ initial site plan called for 228 single detached homes, 727 independent senior care units, 45 townhomes and 100 skilled care/assisted care units.

The company said the Liberty Village project could eventually grow to 1,500 units and include a large medical facility on its 140-acre site.

[Rocketfan]

Its funny i was over that way the other day and decided to drive around in there. I saw about 3 other cars in there, all seemed to be senior citizens looking around. I am guessing word had already spread about this and they were possibly looking at lots on site? There are a lot of partially finished homes/buildings and i just don't know what will be able to be salvaged.