Project site owner files for bankruptcy

BOISE – The owner of a downtown Boise site where a 31-story, $126 million condominium and hotel project is proposed has filed for Chapter 11 bankruptcy protection.

Gary D. Rogers filed for the protection on Thursday. He said his company, Charterhouse Boise Downtown Properties LLC of McCall, still plans to build Boise Place on the site.

He said his company had the financial backing to complete the project but declined to provide details. Rob Perez, a commercial lending expert with U.S. Bank in Boise, said creative financing will now likely be required to complete the project.

“Banks do not make loans to companies that have had a recent bankruptcy,” Perez said.

The building, originally called the Boise Tower, was being developed by Rick Peterson and Boise Tower Associates. But financial problems stopped construction in 2001 after only the foundation was built.

Peterson tops the list of creditors in the bankruptcy filing and is owed $7.6 million.

Boise restaurateur Gino Vuolo had reserved a condo in the original Boise Tower project.

“We just tune in every week to see if it’s going up or not,” he said.