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Bid Made for Undeveloped Part of Condominium Project in South Carolina.

Knight Ridder/Tribune Business News January 7, 2003 By Issac J. Bailey, The Sun News, Myrtle Beach, S.C. Knight Ridder/Tribune Business News Jan. 7–CONWAY, S.C.–An attorney for Builders First Source bid $90,000 Monday for an undeveloped portion of The Gardens at Cypress Bay condominium project in Little River, but the ultimate owner of the property probably won’t be decided until next month. go to site builders first source

Joseph Singleton, attorney for Builders First Source, said the construction supplies company doesn’t want to possess the property but is trying to recoup an estimated $140,000 it is owed by Heritage Associates, the now-defunct developer of The Gardens and several other Grand Strand projects. here builders first source

Singleton was the only bidder Monday and said there will likely be more potential buyers during the final phase of bidding scheduled for the first week of February.

Heritage filed for Chapter 11 bankruptcy protection in January 2001 after being sued by more than 30 creditors. The Chapter 11 plan was thrown out of court in May 2002 because Heritage couldn’t come up with the $9 million required in its reorganization plan. Heritage’s assets now are being auctioned to help settle almost $8 million in debts the company left behind.

Myrtle Beach-based Heritage had been one of the nation’s fastest growing condo developers in the country before its financial problems. Other portions of the company’s developments are expected to undergo final bidding Friday in Conway.