Republic Bank forecloses on part of Woodstock Downtown mixed-use project

Atlanta Business Chronicle

Republic Bank has foreclosed on a portion of the retail development of Hedgewood Commercial Properties' Woodstock Downtown project.

The foreclosure on Building B of the project happened May 6. Hedgewood said the bank asked the existing development, leasing and management team to stay aboard to keep the mixed-use project moving forward.

"Having an ongoing relationship with the existing development, management and leasing team is a little unusual, but we felt that this partnership would benefit all concerned," said Scott Reed, president of Republic Bank. "Woodstock Downtown is a great project, and the change in ownership of the retail space should not change its long-term potential. As the new owner, we are certainly motivated to do whatever we can to maximize the value of the project, and we feel that continuity in management of the property is one of the steps we can take to assure its success."

Woodstock Downtown is a re-development of 32 acres of historic Woodstock, Ga., that is slated to have 300 new residences, plus shops, restaurants services and executive office space.

Atlanta Business Chronicle recently reported liens filed against Hedgewood homebuilding unit Hedgewood Properties Inc. spiked sharply in the first quarter. Hedgewood Properties Inc., builder of EarthCraft homes in communities such as Vickery and Newgate at Windermere in Forsyth County, had 75 liens filed against it in the first quarter, compared with two in the first quarter of 2007 and 86 in all of 2007.