Wilson Park Developer Dispels Bankruptcy Rumor

For a couple of months, a rumor has been afoot that the Wilson Park project may be in the process of bankruptcy. River Journal called the parties involved and found that WCI Industries of Florida is indeed being reorganized, but that the Spectrum co-developer group which is currently doing the planning is still very much in control of the 14-home project and is not involved in the bankruptcy proceedings.

imagesAccording to Maya Pogoda and Sandy Sternberg of Sitrick & Co., the public relations firm for WCI headquartered in Los Angeles, California, the original plan is still on target, and the only thing holding up development, according to Pogoda and Sternberg, is "market conditions." And until recently, conditions, as anyone dealing with real estate knows, have not been favorable to the housing market.

A call to Michael Blau, Tarrytown Village Administrator, about the same subject, brought a reply which indicated that final approvals could be quickly put in place, but that he had not been officially notified about the status of the property. Blau, pointed out that the bankruptcy court has sent a list of projects that are in the bankruptcy process but Spectrum was not among the names submitted. He added that the project is still very much on a "go basis." Each home in the subdivision will undergo a separate site plan evaluation according to Planning Board Chairman Stanley Friedlander.

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About the Author: Arnold Thiesfeldt