Monday, May 21, 2012

Owners of Former Reid Hospital Fall Further Behind in Property Tax Payments

From the Richmond Palladium-Item:

The development group that purchased the old Reid Hospital property on the city’s north side is more than $120,000 behind in tax payments, the Wayne County Treasurer’s Office said Monday.

The lack of payments doesn’t bode well for the future of the development project, said Richmond Mayor Sally Hutton.

“It sure doesn’t look good,” Hutton said. “You would think if they were serious about (developing the property) they would keep their debts cleared.”

In 2010, the property's owner, Spring Grove Development LLC, announced plans to develop the 60-acre site in four phases, beginning with a $21 million investment in a student housing project in phase 1. Construction was to begin in fall 2011.

Other phases called for construction of a technology park, a hotel and private residences.

Bob Ciprietti and partner Ernesto Zamparini, two New Yorkers, are the principal owners of Spring Grove Development. The group has missed two tax payments and now owes $124,188.27 on seven parcels of land at the former Reid Hospital site on Chester Boulevard, according to the treasurer’s office.

A third missed payment in the fall could result in the property being offered at a sheriff’s sale, officials said.