Bank sends Jamestown into foreclosure

A $5.05 million foreclosure proceeding for two tracts in Rogersville’s Jamestown development has sent the developer seeking new financial backing.

Cincinnati-based Fifth Third Bank has called its $5 million loan due to “default in payment of debt,” according to an April 30 legal notice published in The Daily Events.

Jamestown is a 200-acre mixed-use planned community started by American Equities of Missouri Inc. in the early 2000s at U.S. Highway 60 and Business Route 60 east of Springfield.

American Equities President and Chief Operating Officer Stephen Cope said Jamestown – originally scheduled for completion in June – would proceed with a new lender, though he’s not yet finalized a deal.

“I’m refinancing it with a private company. I can’t say much,” Cope said. “We’ve got it refinanced through an out-of-state lender. That (foreclosure sale) will never happen.”

The property is scheduled for auction in a trustee’s sale on the Greene County Courthouse steps May 18.

“The bank will pass the sale on to a new partner on the 18th,” Cope added.

Fifth Third Bank spokesman Shawn Platt declined to comment.

Jamestown was originally scheduled for completion in June. The two tracts of land  in foreclosure contain residential and commercial lots, Cope said.

Cope said he met with his new out-of-state partner two months ago and they will close on the property within 30 days of when the foreclosure was first published April 29, but a closing date has not been set.

“They flew out here (a few) weeks ago and did the site inspection; they’ve done all their due diligence,” he added. “They’re now in the process of paying off my current lender.”

James McDonald, development associate with Springfield real estate developer Zimmerman Properties LLC, said 31 of Jamestown’s 150 single-family residential lots are under contract with Zimmerman Properties. So far, three houses have been built.

In 2009, McDonald said Zimmerman Properties was denied Missouri Housing Development Commission tax credits to build on the 31 lots.

He said Zimmerman Properties intends to reapply for MHDC tax credits to build in Jamestown.

“We’re very interested in the development and in the Rogersville community as a whole,” McDonald said, adding that the foreclosure isn’t a concern.

“It’s a good development; I think it’s just a sign of the economy right now,” he said. “Considering that infrastructure and improvements are already there for the subdivision, you’ve got that new elementary school that is already functioning – for our type of development for entry-level single-family homes, it’s kind of a win-win.”

The Logan-Rogersville R-VIII School District built a primary elementary school within Jamestown in 2008.

Cope also claims at least six commercial lots are under contract and set to close within the year, including agreements with Springfield-based Wendy’s of Missouri Inc., and Nixa-based Point Four Properties LLC to build 32 town homes. Wendy’s of Missouri and Point Four officials could not be reached for comment.

Cope also said Walmart officials have visited twice, though no letter of intent has been signed. Walmart spokesman Bill Wertz declined to comment on the possibility of a Jamestown store.

According to its Web site, AEM began land development in southwest Missouri in 2000. Cobble Creek subdivision in Nixa was its first project, consisting of 287 single-family lots developed in four phases. In the same year, AEM acquired and began development of Jamestown. All design, engineering, approvals and infrastructure construction for phases I and II have been completed.[[In-content Ad]]