Part of the Clipper Mill development by Stuever Bros is due to go to auction after being foreclosed on by BB&T bank.
Most of the development is not effected by this foreclosure, but according to Alex Cooper, the auctioneer,’s site,:
“The Property is believed to be improved by nine (9) spec homes in various states of completion, six (6) foundations and twelve (12) lots on 2.55 acres of land, more or less. The Property was intended to be developed as a residential community and remains subject to The Homes at Clipper Mill Declaration of Covenants, Conditions and Restrictions dated November 18, 2005 and recorded among the Land Records of Baltimore City, Maryland in Liber 7018, folio 0001, as amended (the “Declaration”).”
The Overlook was designed in part to be 38 high-end green homes, the first in the area like this. The homes, though, were not selling well, and historic tax credits that Struever Bros was counting on from the state, were withdrawn, causing much of the developer’s problems with this site.
Struever Bros has done a tremendous amount of good for the city of Baltimore in their redevelopment of many key areas. It is sad to see them going through such rough times, however, debts are debts, and need to be repaid.
If you are interested in reading more in depth about the foreclosure and auction on these Clipper Mill properties in Baltimore, here is an article by the Baltimore Sun‘s Lorraine Mirabella, and a link to the article from the Daily Record ‘s Robbie Whelan.
The Clipper Mill foreclosure auction is scheduled for December 17, 2009 at 10 am at the Courthouse Steps of the Circuit Court for Baltimore City.
If you would like more information on the Baltimore Clipper Mill foreclosure auction, please contact me, and I will be glad to get you more details.
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