Black Rock North In Foreclosure

57 comments on this post so far. Add yours!

• 

  hhuseland on April 02 at 9:52 p.m.

  Well, I guess that if us lowly paupers have to suffer in this depression, so should the fat cats … ‘er accomplished investors. Regardless of the daily look at us stuff coming from Wall Street, it’s nothing but verbal propping up of a collapsing empire.

  Investment companies on Wall Street are desperately trying to stem the panic that will lead to a down spiral in the economy. Unfortunately, wait a week or two when GM tubes. Then reality will start to set in. This isn’t over, folks. Even with the Dow climbing, due to the trillions of dollars being fed into the system, the experts, (me) are looking ahead to the inflation that the creation of fake dollars will create.

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  cantyoureadthesigns on April 02 at 10:00 p.m.

  Wondered when this would crash. Anybody who didn’t get out of the RE/development biz by 2007 was an idiot, or is now seeking a government bailout.

  Kendall Yards, another Chesrown boondoggle that’s caused the City of Spokane to expend huge sums, is next on the BK block.

  Herb’s right, it’s like the slight economic upturn in early ‘31, and fooled a bunch, before an ever bigger crash in ‘32 and early ‘33.

  I’m sure Chessie won’t be in the soup lines tho.

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  Kage_Mann on April 02 at 10:12 p.m.

  It’s not a surprise.There were rumblings a year ago, that his pending development might be in trouble.Other high-end developers should take notice.

  Of course,were headed for a period of hyper-inflation and like the thirties, we are in the throes of a depression.

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  Frum Helen Back on April 02 at 10:22 p.m.

  I hope you are all wrong! If your not, then I will be very depressed.

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  Don_Sausser on April 02 at 10:30 p.m.

  Gee, it sounds like there is a lot of gloating over the difficulties of a local businesman who has done quality projects and employed many.

  Why?

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  Bent on April 02 at 10:31 p.m.

  This is sad. Chesrown took a gamble on our region. He is great person, and he did a lot to elevate Cd’A to levels wouldn’t have been or couldn’t have been attained without him.

  I don’t know Chesrown personally, but I have met him on several occassions, and we have mutual friends. He is a good man who is now in a bad way

  I pray he comes out of this with the ability pull himself back up by his boot straps like he did the first time…

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  cantyoureadthesigns on April 02 at 11:08 p.m.

  Like I said, Chesrown ain’t gonna be eating any charity meals at The Mission over this, so quit the boo-hoo for him. And the tax coffers may be short, shouldn’t have planned on that tax revenue… from this obviously wrong time project.

  Anyway, that’s how it goes when you’re an entrepreneur like Chesrown, ya win some, ya lose some. He was in the right time for the auto dealer build up, and made a fortune, good on him, autodealerships are like Superfund sites, these days.

• 

  zelda on April 02 at 11:22 p.m.

  The part about investors from Lichtenstein puts a cherry on top of this story. Lichtenstein is one of the world’s premier illicit tax havens and money-laundering centers.

  As for Chestown being a “nice guy,” remember, a lot of people around here thought Paul Sandifur was an upstanding citizen. Coming across as a nice guy is integral to the image; makes people think they’re making a wise investment.

• 

  hmoffsuite on April 03 at 6:08 a.m.

  My only comment on this is that I had thought that Marshall was being a little too aggressive in developing Black Rock North before the original Black Rock had be entirely built out. The shame here is that when the developer has grief, lots of smaller sub contractors and businesses get hit hard as well. All they did was what they were contracted to do. I feel more sorry for the little guy in the food chain than the developer.

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  Howard_Martinson on April 03 at 6:33 a.m.

  Don Sausser has asked the right question. Here we have a local guy who started with nothing, hit the big time in the car business, came home and built a successful high-quality real estate development business. Paid his bills, taxes and many employees along the way. Now, Mr. Chesrown has evidently had a business setback.

  What’s to celebrate about that?

• 

  JBelle on April 03 at 7:37 a.m.

  It’s naive to think that a real estate developer can walk away from foreclosure, unscathed. This will effectively end Chesrown’s career in development and many, many people will suffer from this sad setback. And here’s a piece of news that you should hold close to your heart: there is no them or us. When one of us hurts, we all hurt. And development like BR and start up for BRII could suck up a lifetime of profits in the auto dealership business. This is a very, very bad piece of news for us all.

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  JeanieSpokane on April 03 at 8:28 a.m.

  cantyouread mentioned Kendall Yards, which is in my neck of the woods. I have wondered why nothing is happening there after they closed the road I used to get from my house to my office without hitting a light. I wonder what the impact will be in my neighborhood, which is home for mostly low income and multi-family homes as well as an abundance of rehab and group homes. When Kendall Yards started being developed and the plans laid out - it was obvious to us that we were not included in the thought process. Its development will have a huge impact on our property taxes, which will be grossly out of proportion to our little houses. There are many elderly in the neighborhood who have lived here for decades that will be forced out because of the higher cost to live in the area. Maybe this is one of the plus sides of the recession and my neighborhood residents can sit back and breathe a sigh of relief. Ironically - we have been living our own recession for years and this is little to adjust to. Having Kendall Yards sidelined is to our benefit for the time being.

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  wheels on April 03 at 8:31 a.m.

  I’m with HMOFF on this one.The pie has only so many pieces.The original BR has many homes and lots remaining for sale and the Riverstone sales have stalled.This is very unfortunate as it may signal problems with other ongoing developments in the region.The regulatory authorities that grant permits for these projects IMO don’t fully understand the scope of what they’ve done.This quest for density has to be re-thought.More bad news will follow and nobody should find any satisfaction in this although I am anticiipating the usual boo birds to hop all over this.Such is their ilk.

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  keithincda on April 03 at 8:52 a.m.

  He’ll be back. And in a good way I’m sure. Guys like him aren’t quitters and they know how to rebound, he’s no different.

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  moscow_minidoka on April 03 at 9:35 a.m.

  I’m not celebrating or gloating, but I also deny the notion that we’re in any sort of depression. The only way we will get ourselves into a depression is if we panic ourselves into one… I am getting so tired of people screaming “Oh no! A new depression! The end is nigh!”

  To those who keep throwing the “d” word around: You are in danger of creating a self-fulfilling prophesy. Quit your paranoid hysteria, or at least keep it to yourself.

• 

  JIMMYMAC on April 03 at 10:13 a.m.

  Marshall has done everything top notch and I applaud him for that. BR1 is still my favorite course around, even moreso than Gozzer. I’m hopeful that this doesn’t impact BR1 to the full extent that it could. I’m with Howard, HMO, Wheels and Keith here-this is nothing to gloat about and I’m hopeful that Marshall bounces back. He is truly a local visionary and this has everything to do with timing and nothing to do with his focus.

• 

  Me on April 03 at 10:16 a.m.

  I don’t know him personally, only know that last summer, when his horse property flooded on the CDA river, the flood water on his fields was being pumped into Black Lake and such a smell I hope no one ever has to endure. Going into the canal for Black lake we knew something was up - it was choking. Once we entered the lake we saw a huge pump pushing brown water into the lake.

  I could only assume that it was perfectly legal as I couldn’t imagine the residents of Black Lake putting up with it if it wasn’t, but in my mind pumping the horse dung into the lake just wasn’t right.

• 

  streetphilosopher on April 03 at 11:34 a.m.

  FREE GOLF !!!!!

• 

  Cabbage Boy on April 03 at 12:45 p.m.

  As many have said, this will hurt many smaller businesses more than Chesrown. But CdA will miss the positive business Chesrown brought and his generosity. Wasn’t he the main sponsor of the Independence day parade?

• 

  hmoffsuite on April 03 at 1:04 p.m.

  CB. He was. Further, he bought the company vehicles and other stuff locally, even tho he has great car connections elsewhere.

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  Kage_Mann on April 03 at 1:25 p.m.

  Wasn’t he the main sponsor of the Independence day parade?Cabbage Boy on April 03 at 12:45 p.m.

  CB, in 2007 he was the sponsor of the Independence Day Parade and there was a big brouha over it,because the Chamber of Commerce was printing up pamplets which read something like ‘Black Rock festival’.people were in an uproar.

  What the Chamber should have printed up was:Independence Day Parade,sponsored by Black Rock

• 

  Fishwife on April 03 at 4:30 p.m.

  Sounds like his other NI developments are viable. His BlackRock North project suffered from bad timing. Chesrowin won’t be going anywhere.

• 

  hawkeye on April 03 at 5:21 p.m.

  some projects are going out of business just like every other industry in our country (see Circuit City, etc.)—some developments are actually doing well like RidgeView Estates on Lake Roosevelt.

• 

  zelda on April 03 at 11:28 p.m.

  So I guess I’m the only one raising an eyebrow that this project had investors who had set up in Lichtenstein.

  Developers don’t do parade sponsorships and other civic acts out of the kindness of their hearts. It’s all just greasing the skids and buying ‘em off.

  Look how many people thought Bernie Madoff was a mensch. I’m not saying Chesrown is a fraud, but given everything that’s happened, suspicion is the best defense.

• 

  hmoffsuite on April 04 at 7:23 a.m.

  Zelda >> ” I’m not saying Chesrown is a fraud, but given everything that’s happened, suspicion is the best defense.”

  You are way off base and any suggestion of impropriety is simply wrong. Black Rock North was a project that required huge investment and with the economy turning sour the way it did, yielded no cash flow. Developers all over the country have experienced similar problems. This is not unique to Chesrown.

• 

  keithincda on April 04 at 7:48 a.m.

  those are some pretty cynical glasses you’re wearing Zelda.

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  westside on April 04 at 8:23 a.m.

  So, sounds like Chesrown’s mega Monroe street project is…dead

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  zelda on April 04 at 11:18 a.m.

  Yeah, I need to dial it back a bit. Just sayin’ that altruistic developer is an oxymoron.

  Chestown’s overleveraging on Blackrock is similar to what’s happened with the Yellowstone Club in Bozeman and developments around McCall/Lake Payette.

  Banks are barely in a position to lend on primary homes, so loans for secondy homes are out of the question now.

• 

  JIMMYMAC on April 04 at 11:40 p.m.

  Actually Zelda, lending parameters for 2nd homes are almost identical to that of primary residences, with regards to conventional/conforming lending. Rates are almost always the same as well.

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