No bids at Tuesday auction for Berkman Plaza II

The unfinished Berkman Plaza II drew no bids in Tuesdays auction. Now its owner will look for a developer to buy and finish the project.

Choate Construction of Atlanta, the general contractor for the building, received the property in a $10.2 million foreclosure judgment. But Mike Hampton, the companys chief operations officer, said he doesnt expect to receive that much.

I would love for someone to make it work at $10 million, he said. But the numbers that were floating around a year ago said no.

There is more money out there, he said, but it depends on how much someone believes in Jacksonville.

And Hampton said he has had interest.

Thereve been people sniffing around after hearing that theres a good deal out there, he said. I think some guys have gone down and kicked the tires.

I dont know if Jacksonville is a secondary or tertiary market, but there seems to be a pretty good buzz about it right now.

Although Berkman Plaza II, like the finished Berkman Plaza next door, was originally planned as condominiums, his understanding now is that any developer would finish it as an apartment building.

If Chaote can sell it, he said, hed like to be the general contractor on the project. But thatd be up to the developer.

We just want to sell it and recoup as much of our losses as we can, he said.

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No bids at Tuesday auction for Berkman Plaza II