CHARLOTTE, N.C. — It looks like a major uptown high-rise may end up in foreclosure.
It's been a battle to sell the condos. Some buyers even sued to get their money back and won. On top of that, the debt changed hands. Now, the investment group that took over The Vue's debt, Northwood Investors, started foreclosure proceedings.
The Vue won't give an official comment, citing confidentiality. But a former insider told Eyewitness News, while foreclosure sounds bad, it can be a way of salvaging the project.
A national real estate publication thinks The Vue may end up renting its units. So does Larry Tutas.
"Yes. The younger crowd, they would enjoy that,” he said. “It's downtown, close to everything."
That's what the Catalyst did a few blocks away. Back in 2009, that struggling high-rise switched from condos to apartments. Now, Eyewitness News is told it's doing well.
Shelly Shicks is one of those renters, but hopes The Vue doesn't give up on condos just yet.
"It is pretty sad to see that happen,” she said.
WSOC
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