Gary Rogers’ development firm for Boise Place, a 34-story development planned on the former Boise Tower site in downtown Boise, has declared bankruptcy.
Charterhouse Boise Downtown Properties filed for Chapter 11 bankruptcy on the evening of Aug. 1, according to U.S. Bankruptcy Court records – the day before the Boise Tower site was scheduled to be sold at auction to settle a $2.575 million loan Rogers defaulted on.
Rogers has declared bankruptcy five times in the past.
The $2.6 million loan, and a $500,000 lien filed by the architect for Boise Place, were apparently not the end of Rogers’ debts. On his voluntary petition for bankruptcy, Rogers checked the box for $10,000,001 to $50 million under the estimated debts section.
Rogers’ next step is to prepare a plan of reorganization to keep the project on track, said T.J. Angstman, Rogers’ attorney. Rogers plans to release a statement soon, he said.
Alpha Lending, who had administered the $2.575 million loan for private investors of Rogers, recently sold its interest in the loan to Robert Capps, the president and CEO of Capps Homes in Tahoe City, Calif. Capps would have stood to take possession of the property today if Rogers had not declared bankruptcy.
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8 Comments
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Has it occured to anybody that maybe this hole in downtown Boise is cursed? Nobody seems to be able to get a project off the ground in this location so why don't we just have the hole filled, plant some grass and trees, put in a water fountain and some benches and call it good. It will be a much better alternative than to what we have now. Comment By Justin Beller
Thursday, August 2, 2007 @ 11:13 AM
It's all your fault, Lora. Comment By JF
Thursday, August 2, 2007 @ 11:30 AM
Why do we keep playing around with these chuckleheads? CCDC and the City should get this property in the hands of Mark Rivers ASAP. He'll find a solution and get it done right. For my money, Rivers may be the only credible downtown developer who can make chicken salad out of....well, you know. Comment By dgh
Thursday, August 2, 2007 @ 7:25 PM
I agree with DGH. Somebody call Rivers. It wasn't that long ago that the 8th Street Marketplace was "the hole" and, we got that turned into a gem. CCDC, get smart. Get Rivers. Comment By Billy E.
Thursday, August 2, 2007 @ 7:27 PM
Christianson could pull it off as well. Comment By Ray
Friday, August 3, 2007 @ 11:10 AM
Well, I am sad that Gary Rogers has succumbed to the curse after all. There is indeeed a curse, Justin, and you can read all about it here. Can we get a development agreement next time PLEASE? Comment By Chris Blanchard
Friday, August 3, 2007 @ 3:41 PM
Why not get a real Idahoan, not some out of state developer/pillager like Rivers. Make it a park and watch the developers slather and foam at the mouth in anguish that they can't get their money grubbing paws on it. Comment By lkj
Saturday, August 4, 2007 @ 12:26 AM
@lkj: Several well-known developers in town have looked at this site over the years - it's been burned out since January 24, 1987. Now though, with $25 million in liens on the property, it's going to be pretty tough to turn this thing into a profitable venture. If you go take a look at "The Hole" you'll see that nature is doing its best to reclaim the site, anyway. There must be a half-dozen trees of at least 15' high in that pit . . . Comment By Christopher Blanchard
Saturday, August 4, 2007 @ 10:47 AM
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