YORK COUNTY, S.C. (QUEEN CITY NEWS) – The 245-acre mixed-use development where the failed Panthers project sits is now officially listed for sale by Colliers.
The property, called the Rock Hill Overlook, boasts immediate access to Interstate-77 with a newly constructed Exit 81 interchange coming in May 2023.
Colliers said the piece of land is a ‘first-class property’ that offers ease to Rock Hill and Charlotte. Property details are listed as such: Land for ‘property type’ and development opportunity ‘for use.’
- 245-acre mixed-use development potential for healthcare, hospitality, institutional, multi-family, office, retail, entertainment, and/or destination
- Zoning: MP-C
- Prime access to I-77 and the new Exit 81 interchange (May 2023)
- Close roximity to Charlotte Douglas Airport and greater Charlotte
- Booming population growth due to the quality of life and lifestyle along the Catawba River
Colliers does not mention that the failed Panthers facility sits on the property, located near I-77 and Eden Terrace in Rock Hill.
History of the Rock Hill property
Mid-September marked another twist in the Rock Hill-Carolina Panthers training facility saga with David Tepper’s real estate company now accusing Rock Hill and York County of dragging the legal fight out, even after a deal was offered.
On Sept. 14, 2022, David Tepper’s real estate company, GT Real Estate, shared with Queen City News the latest developments. GT Real Estate recently filed an ‘amended plan of reorganization.’
Their original plan was filed last month.
The original plan would have eventually involved $80 million invested in the project being paid back. This new filing, according to attorney’s representing the company, is an attempt to speed up the process.
As Queen City News has reported, all of this has been playing out for months. Since Tepper Sports and Entertainment stopped the project back in June 2022, the company initially said that Rock Hill failed to hold up its end of the deal on bonds, something which Rock Hill refuted.
That ultimately led to the project, which is partially built, being completely stopped.
“The Panthers had every intention of completing the project, but without the money going forward, I just couldn’t see it happening. GTRE couldn’t see it happening, so here we are,” York County Councilman William Bump Roddey said.
“Do you think the city has any responsibility for this project being stopped?” Queen City News asked Roddey.
“I would say. Yes,” he said.
Tepper’s GT Real Estate has since offered a new deal to pay back all the money to creditors, contractors, York County, and the City of Rock Hill.
Last week, the City of Rock Hill said they wanted all this in front of a jury.
In a statement, GT Real Estate said:
GTRE filed an amended Plan of Reorganization today to address the reactions of stakeholders to the original plan filed in August. GTRE’s original Plan of Reorganization would have paved the way for all creditors, including the City and County, to receive generous payouts on an expedited basis.
Trade creditors have engaged constructively with GTRE, and their treatment under the amended Plan of Reorganization remains unchanged.
Unfortunately, the City and County have instead chosen to pursue a flawed litigation strategy, making exorbitant and unreasonable demands well in excess of their entitlements.
Under the amended Plan of Reorganization, the City and the County are treated similarly in accordance with their rights under the Bankruptcy Code and without the concessions that had been provided previously.
These modifications are intended to prevent the City and County from causing further harm to the confirmation process and delaying payment of the $60.5 million that has been reserved to pay trade creditors.GT REAL ESTATE
“What are your thoughts on those claims?” Queen City News asked Roddey.
“We [the country] didn’t have any parts in the agreement with the City of Rock Hill and the Carolina Panthers. Ultimately, that was the part of the agreement that failed that caused the domino effect for the project to be put on hold and eventually pulled from the Panthers’ intentions, so we couldn’t have been a part of any delayed reaction because we did what we were supposed to, approve the funding mechanism and it was in the City of Rock Hill’s hands to work it out with GTRE,” he said.
GTRE also said this could ultimately impact their plan to repay the money for the project. Queen City News has reached out to both the county and city to get their response to the new filing.
Statement from City of Rock Hill:
The City has no comment on these legal matters except to note generally that the City Council is looking forward eagerly to the day judgment is rendered on the facts that will be presented in court.CITY OF ROCK HILL
Statement from York County:
Late Tuesday, September 13th, GT Real Estate LLC filed a modified Plan of Reorganization in the Delaware Bankruptcy Court. The County is still reviewing the modified plan.
However, it is self-evident the modified plan is yet another example of broken promises from these Tepper entities. To date, the Debtor in its public pleadings, and others have made repeated assurances that the misappropriated $21 million of York County taxpayer money would be repaid.
York County is disappointed these parties again appear to be going back on their word. To be clear, the County has not engaged in any unreasonable conduct in regard to the Debtor.
Rather, the County has only sought reasonable compensation for its real and legitimate claims and the damages GT Real Estate and the other Tepper entities have left in their wake. The County will continue to pursue its claims and aggressively protect its interests and the interests of its citizens and taxpayers.YORK COUNTY
- June 2, 2022: Tepper’s real estate company GTRE filed for Chapter 11 bankruptcy
- June 10, 2022: York County announces it was suing Tepper for at least $21 million over misappropriation of funds
- August 11, 2022: GTRE proposes to pay more than $82 million to creditors, including $60.5 million to contractors, and subcontractors
- September 7, 2022: The City of Rock Hill took legal action, demanding the real estate company’s bankruptcy proceedings be argued in front of a jury
- September 14, 2022: The company filed an amended plan in the U.S bankruptcy court of the District of Delaware accusing the city and county of dragging out the process
- Oct. 1, 2022: Rock Hill Overlook property listed for sale by Colliers
This is a developing story.