Conway’s best-known eyesore is on its way down, and memories of what was to have been an upscale student housing complex rotting off one side of U.S. 501 could begin to fade.
The complex, formerly known as Coastal Estates, was started in 2012 as upscale housing for students at Coastal Carolina University, but work stopped within months as the then-developer said he was searching for financing.
The city worked with the developer, but finally pulled its plug, requiring that construction be restarted or the worksite cleaned up.
It was purchased for $4.8 million at an October foreclosure sale by Chancel Hospitality Residential and Tourism Inc., according to David Jordan, the company’s chief financial officer.
Jordan said in October that Chancel was talking with several developers who wanted to redevelop the property for student housing, a move that could help it to avoid having to apply for new building permits.
Michael Leinwand, director of Conway’s planning department, said Wednesday no plans have been submitted for what will go on the land, but it’s zoned as a planned development district and the permits will remain valid as long as the new site plan meets all the requirements of the original site plan.
Jordan, who couldn’t be reached for comment Wednesday, said that most of the purchase money went to pay Chancel Construction for work it did at Coastal Estates. Chancel Construction was the parent company of Chancel HRT, but the two no longer share that link.
Jordan said Chancel HRT also paid all of the suppliers and subcontractors who hadn’t gotten money owed them when the development failed.
Jordan said Chancel HRT was hoping to be able to salvage things such as windows and bathtub surrounds. It also wanted to leave the building slabs for the new developer.
Contact STEVE JONES at 444-1765.