http://jacksonville.com/business/2008-12-21/golden_boy_of_springfield_loses_luster_as_deals_go_bust
Craig Van Horn was the face of historic Springfield's revival when the Jacksonville City Council approved a $250,000 loan to his real estate business in 2002.
Symbiosis Investments LLC used the loan to transform an ugly, boarded-up auto repair garage into a neighborhood hub with a restaurant and lounge.
Today, the building called 9th & Main is vacant again. The city has declared Symbiosis in default on the loan with $219,000 still unpaid. City lawyers filed a foreclosure lawsuit Thursday to take possession of the property, adding it to other buildings Van Horn has lost to foreclosure this year. The city will seek to recoup its loss by selling 9th & Main, but that could take time in the sluggish real estate market.
It's a long way from the can-do optimism Van Horn voiced in 1999 about his business prospects in Springfield. He came from Atlanta the same year then-Mayor John Delaney launched a bring-back Springfield program. The city had made similar gestures over the years for Springfield. This time, redevelopment did take hold. Van Horn touted "the new Springfield" on his Web site while buying property for resale and rental, spreading his influence in residential and commercial sectors.
But Van Horn has faded from the scene, leaving behind unmet expectations along with an array of loan defaults and unpaid bills related to properties that neighborhood leaders once saw as part of Springfield's resurgence.
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Good article by Tonyaa Weatersbee today: The roots of revitalization run deeply in Springfield
http://www.jacksonville.com/2008-12-24/the_roots_of_revitalization_run_deeply_in_springfield (http://www.jacksonville.com/2008-12-24/the_roots_of_revitalization_run_deeply_in_springfield)
Good article. I fully expect inner city areas like Springfield to benefit the most in a down economy. I'm more worried about the Southside and Regency's ability to get through it.