Future of Raleigh's Seaboard Station uncertain - WSLS 10 NBC in Roanoke/Lynchburg Va

Future of Raleigh's Seaboard Station uncertain

Posted: Updated:
RALEIGH, N.C. -

Business is sprouting all around the Shops at Seaboard Station; but according to court filings, landlords Gregory and Parker, LLC owe more than $2 million to various creditors.

"The parking lots are full, the restaurants are packed. So everybody is doing well here, with the exception of the landlord," Joshua Logan, with Logan's Trading Company, pointed out.

Gregory and Parker has been under Chapter 11 of the U.S. Bankruptcy Code for the last 13 months working on a corporate restructure plan. With the owners in dire financial straits, neighbors and business owners are worried Seaboard might get sold to the neighbors across the street -- William Peace University.

"This could go from what's become a very vibrant retail center in downtown to a parking lot," City Councilor Mary Ann Baldwin said. "We need apartments. We need the retail to flourish and grow."

But in front of city councilors Tuesday to request refinancing of a bond, William Peace University President Debra Townsley said neighbors' fears are just a misunderstanding. She says Peace does want to purchase the land, but wants to keep the retail space.

"Students like to have a campus where there's places to eat, places to shop," Townsley said.

Leaseholders, however, contest the University would use the land for activity fields and student parking as leases expire through attrition.

Raleigh City Council delayed taking a vote on William Peace's bond refinancing until next month. Councilors want more information from the Iniversity on long-term plans, and they want the stakeholders to sit down and hash out their differences.

Townsley says, legally, bond money can only be used for projects it was originally approved for.  But critics worry the university could use the bond to pay for other projects, freeing up money to purchase Seaboard Station.

Derick Waller

Derick is a reporter for WNCN covering crime, education, politics and just about everything in between. He has a knack for adapting to any story and consistently delivers information quickly across multiple platforms. More>>

  • Wake CountyMore>>

  • Judge denies Duke Energy request for stay in coal ash case

    Judge denies Duke Energy request for stay in coal ash case

    Wednesday, April 16 2014 9:31 PM EDT2014-04-17 01:31:07 GMT
    The Wake County judge who ordered Duke Energy to take immediate action to eliminate sources of groundwater contamination at its coal ash ponds has denied the utility’s request for a stay in the matter.
    The Wake County judge who ordered Duke Energy to take immediate action to eliminate sources of groundwater contamination at its coal ash ponds has denied the utility’s request for a stay in the matter.
  • FBI offers reward for info on 2 suspects in Wake Forest kidnapping

    FBI offers reward for info on 2 suspects in Wake Forest kidnapping

    Wednesday, April 16 2014 5:30 PM EDT2014-04-16 21:30:47 GMT
    Two more people have been charged in the case of Frank Janssen, who was kidnapped in Wake Forest.
    Two more people have been charged in the case of Frank Janssen, who was kidnapped in Wake Forest.
  • Cary Police release sketch of man accused of sexual assault

    Cary Police release sketch of man accused of sexual assault

    Wednesday, April 16 2014 1:21 PM EDT2014-04-16 17:21:35 GMT
    Sketch of man accused of sexual assault in CarySketch of man accused of sexual assault in Cary
    Cary police have released a sketch of the man accused of sexually assaulting a young woman Saturday.At about 9 a.m. Saturday, police responded to the Hawthorne at the Parkway complex in Cary, where the 20-year-old woman reported that a man who had been behind her in traffic followed her home, pulled up to her in the parking lot and warned her of damage to her vehicle.After thanking him she headed to her apartment, where the same man pushed her inside as she was unlocking the door.The suspect ...
    Cary police have released a sketch of the man accused of sexually assaulting a young woman Saturday.At about 9 a.m. Saturday, police responded to the Hawthorne at the Parkway complex in Cary, where the 20-year-old woman reported that a man who had been behind her in traffic followed her home, pulled up to her in the parking lot and warned her of damage to her vehicle.After thanking him she headed to her apartment, where the same man pushed her inside as she was unlocking the door.The suspect ...
Powered by WorldNow

WSLS 10, P.O. Box 10
Roanoke, VA 24022-0010

Telephone: 540.981.9110
Fax: 540.343.3157
Email: news@wsls.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.