The 352-unit Eon segment, which occupies 3.5 acres of the total 47-acre mixed-use project between Midtown and Buckhead, is tied to MARTA's Lindbergh Station. Construction on the five-story, $70-million condo project began nearly three years ago.
"Success in the real estate market is largely based on timing. Unfortunately, our timing with the Eon development in partnership with MARTA was not perfect," Harold Dawson Jr., the company's president and CEO, tells GlobeSt.com.
The project's lenders, JP Morgan Chase and Regions Bank, claim in their foreclosure notice that Dawson Co. defaulted on a $56.3-million loan. Efforts to reach appropriate contacts with both banks were unsuccessful Monday.
Dawson says Lindbergh City Center is a "shining example" of what can be achieved through public/private partnerships, adding that Eon is geared toward carbon-footprint reduction by way of its construction as well as encouraging local residents to drive less and ride MARTA trains more.
"Eon is much larger than a condo loan. It is part of a larger neighborhood vision coming to fruition," Dawson says. "Despite this experience, we remain committed to the redevelopment of urban infill communities in Atlanta and beyond."
Locally based Dawson Co. is partnering with Carter Real Estate, also based in Atlanta, on an 18-acre mixed-use project in Cincinnati called The Banks. Dawson says both his company and Carter are hopeful that they can move forward with remaining development at Lindbergh City Center when the market improves.
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