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$6 million owed on development; bank wants to foreclose

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By Doug Page, Staff Writer 6:22 PM Wednesday, June 17, 2009

CLAYTON — Huntington National Bank is moving to foreclose on the Village of North Clayton development after the developers failed to make payment on more than $6 million in notes due June 6.

The motion for judgment filed Monday, June 15, in Montgomery County Common Pleas Court was denied Tuesday, with Judge Connie Price asking for briefs on the matter, involving technical issues.

The bank’s motion details three notes totaling $6,010,000 owed by the development, North Clayton Development LLC, and the developers, David Williams, Thomas Peebles and Sandra Peebles.

The attorney for North Clayton Development, Michael McNamee, declined comment Wednesday “based on pending litigation.”

Located on National Road west of the Hoke Road intersection, the Village of North Clayton was designed eventually to have more than 500 residences, as well as shops, civic buildings and parks with the feel of an early 20th century European village.

The developers in 2007 gave the city of Clayton several building lots on which to construct a government/public safety center and possibly a library. City officials said at the time building a new city center was 10 years or more in the future.

After-hours calls to city officials were not immediately returned.

The anchor of the project was a $23 million sports and health complex. Work was to begin on that in 2006, but financing for the complex never materialized. In 2007, an Indiana investor filed a foreclosure motion against the sports complex developer, Continuum Clubs. After more than one year of negotiations, the Indiana investor ended up with the 7.8 acres set aside for the complex.

In 2007, the development was named a Leadership in Energy and Environmental Design for Neighborhood Development pilot project by the U.S. Green Building Council. Such projects are designed for environmental sustainability by incorporating high-performance buildings in compact, mixed-use neighborhoods that reduce driving by making walking and public transit options for commuting and other trips.

Currently there are more than a dozen high-end single-family residences, several townhouses, a commercial building with a coffee shop and Aveda salon, and an Ester Price candy store on the 56 acres of farm land.

Contact this reporter at (937) 225-2290 or dpage@DaytonDailyNews.com.

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attention.

Al
8:34 AM, 7/8/2009

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This project was DOA upon arrival. Just how many tax dollars has Clayton poured down this rat hole? Meanwhile our existing streets are falling apart. It's time to spend some atention and money on the areas where the majority of the people live.

Al
8:32 AM, 7/8/2009

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We are committed to our Coffeehouse and our loyal Customers.....hopefully this turn of events will bring something positive to our small community!

Grounds for Pleasure Coffeehou
11:05 AM, 6/19/2009

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Wrong time, THIS place. The Carmel area has grown *SO MUCH* in the past few years that the OMB renamed the Indianapolis MSA. It is now the Indianapolis-Carmel MSA. Look it up. Carmel is doing just fine, no struggle for tenants. Do you think growth patterns will ever redefine this area? Dayton-Clayton MSA? Not in our lifetime.

Regarding concern voiced before council, you bet. When did Clayton Council ever pay attention to residents? Or at least residents who weren't drinking the Kool-aid?

NOT surprised
7:30 PM, 6/18/2009

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Point to be made here is that it was the wrong time, wrong place. There was plenty of concern voiced before the Clayton Council, at the time, took us down this path. If I were a builder, I would have invested elsewhere. Carmel struggles to keep tennants, even before the big meltdown.

come on now!
6:06 PM, 6/18/2009

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