Greenbridge Condominiums is back in business.
After a two-year sales freeze, units in the 10-story Rosemary Street mixed-use development are back up for sale.
About one-third of Greenbridge’s 97 condominiums are currently occupied.
Betty Harbourt, executive vice president of The Marketing Directors, which handles Greenbridge’s sales and marketing, said about 15 contracts are pending, and she isn’t sure when the building will be at full occupancy.
“That’s all up to the market,” she said. “I would say 12 to 18 months.”
Sales ceased in November 2010, after Greenbridge’s previous owner failed to make payments on its loans. Foreclosure proceedings began in April 2011.
Almost a year ago, Greenbridge was purchased by Square Mile Capital Management LLC, Invesco Ltd. and Canyon Capital Realty Advisors LLC as one of 29 distressed loans in an $889-million national portfolio.
Harbourt said the Chapel Hill location was one of the main reasons the buyers, who took over in August, were attracted to the portfolio.
“As they evaluated their opportunity, Greenbridge was a star,” she said. “They’re very excited to have such a well-built building in Chapel Hill, which is a market that embraces multi-family living and doesn’t have many options.”
When Greenbridge opened in fall 2010, it was touted for its environmentally friendly features.
But the development sparked criticism, protests and bomb threats from those who opposed its location — many worrying it would further gentrify the historically black and low-income Northside neighborhood.
Harbourt said all the property’s amenities are in place, including an event space for residents called the Sky Lounge.
Cindy Spuria is the owner of LIGHT Art Design — the only business in Greenbridge
Spuria said she is excited the sales freeze is over because people assumed the building was closed. Business has picked up since the units started selling again, she said.
“Once the property starts to sell, I think the whole area will develop around it. I think it will come to life,” she said.
Michael Parker, who has lived at Greenbridge since July 2010, said his favorite part of his two-bedroom condominium is its large deck and proximity to both Chapel Hill and Carrboro.
“It is an underappreciated location,” he said. “I can walk to all of the restaurants in Carrboro and all of the restaurants in Chapel Hill.”
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