Seller Signings Postponed Until Further Notice
Due to unforeseen circumstances explained below, the Buyer of Sobu Flats has postponed Seller signings at this time . Walkthroughs scheduled with Shawn Daugherty are cancelled at this time. Seller signings previously scheduled with Campbell and Brannon for the next few weeks have been canceled and will be rescheduled at a later date. Josh and Shawn will be in contact with unit owners who have previously booked airfare and made travel arrangements for signings. The Buyer’s inspection of the Sobu building revealed repair and renovation costs which exceeded initial estimates by 25-35%, amounting to millions of dollars in excess costs. As a result, the Buyers will be conducting additional due diligence for the next 30 days to assess the likelihood of redevelopment of the Property as a whole. Among other items, this will require an in-depth inquiry into the potential for re-zoning the property subject to the City of Atlanta’s regulations. As with all matters...