More Trouble for Van Horne

June 19, 2007 4 comments Open printer friendly version of this article Print Article

Earlier today, was told by a Springfield developer that 8 more Van Horne properties have gone into foreclosure, this time all residential structures.According to our source, the bankers who have underwritten Craig's properties are beginning to seriously lose confidence in Van Horne's ability to continue to make payments---even given the history of his inconsistent performance-- and are quietly approaching potential buyers for the properties to avoid liquidation.Added to the Lis Pendens nailed to the front of the Van Horne Silverleaf Condo project ( , this is clearly the beginning of the end for the controversial St. Augustine based developer. Unless something drastic occurs it will only be matter of time before his signature project, 9th and Main suffers the same fate.As reported on ( , this may already be the case, as the once popular restaurant was closed all weekend.Given the article by Joe Light in this week's Times Union: Left Behind in Springfield ( , these developments cannot possibly be welcome to the Springfield Neighborhood, whose Main Street was so vibrant and full of possibility only 2 years ago.Find out more later this week about the roles played by Van Horne and Hionides in the rapid destruction of the once blossoming Main Street redevelopment.