Libbie condo project could be back on track soon
RICHMOND, Va. — A federal judge has given the green light to send a stalled West End condo project back into the hands an embattled builder and his financial backer.
Judge Kevin R. Huennekens on Wednesday approved the sale of The Tiber, a condo development in the Libbie and Grove area, to Libbie Guthrie LLC – the entity controlled by John George, the builder fired from the project and one of the original developers, and David Posner, an investor who has since teamed up with George.
The approval of the sale marks a prelude to the conclusion of the bankruptcy case for Tiber Partners LLC. The group was formed in 2012 by George, Scott Boyers, and Berkeley and Jennifer Fergusson to build 15 high-end condos at the corner of Libbie and Guthrie avenues. Their plans were thwarted by construction delays, a dispute with George, and disgruntled condo purchasers before Tiber Partners went into Chapter 11 bankruptcy in June.
Libbie Guthrie, which owns the $6.27 million loan on The Tiber originally issued by Middleburg Bank, was the stalking horse bidder in the auction process for the property. An auction scheduled for earlier this month was cancelled when no other bidders stepped forward.
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