By Danny Barrett Jr.
Wingate by Wyndham Hotel and an adjacent private cemetery along with the grounds of what was to be the $25 million Cypress Centre Marketplace were sold at foreclosure Wednesday, the second such default on high-profile commercial property in Vicksburg in a week’s time.
California-based Pacifica Loan Four, LLC bid $375,000 on nine-tenths of an acre of land once held by Tate Street Development, LLC, headed by Vicksburg developer James Hamilton, who died in April 2009. Another tract up for sale on the courthouse steps went to State Bank & Trust for $318,500. Together, the tracts are about 1.85 acres.
The property includes most of a partially completed retail development near South Frontage and Bazinsky roads. Wingate remains open for business, sales director Julie Ford said, and the foreclosure did not include the popular El Sombrero restaurant, which is on an adjacent tract and owned separately.
http://www.vicksburgpost.com/articles/2010/01/21/news/doc4b588d5bacf0b488958022.txt
Innvestor's Blog 