Guest Article in PBN: Receiver Can Unlock Value
Mark Russo's guest column for Providence Business News.
With economic development and job creation closely tied to land development, Rhode Island saw a number of real estate development projects abandoned in mid-stream as a result of the Great Recession. Now, as our real estate economy is starting to percolate, there is huge opportunity to resurrect dormant properties using Court-supervised proceedings.
Abandoned projects often share common hurdles. They may be saddled with massive property tax obligations, need additional permits and approvals, or carry environmental issues. Sometimes, properties have actually been sold by the host municipality at a “tax sale.” In certain cases, projects may be mired in litigation between warring factions of ownership.
Read full article here.