Swift Acquisition and Redevelopment of The Red Carpet Inn & Fanta Suites

CHALLENGE:

Fanta Suites posed a unique challenge due to several building code and health violations, rendering it vacant. The City of Greenwood mandated its demolition, providing a rare opportunity to acquire an 8-acre prime lot for redevelopment. The primary challenge was to swiftly navigate the purchase, demolition, and redevelopment processes.

ACTION:

JDM Partners, in collaboration with the buyer, Ray’s Demolition, executed a rapid all-cash transaction, understanding the urgency and complexity of the deal. The negotiation process involved addressing specific terms for the swift close, aligning with the buyer’s vision for demolition and subsequent redevelopment.

RESULTS:

  • Ray’s Demolition successfully acquired Fanta Suites, leveraging the expertise of JDM Partners.
  • The site’s strategic demolition and redevelopment align with the City of Greenwood’s vision for the location.
  • In just two weeks from going under contract in early December, the entire sales transaction was completed, closing a week before Christmas in 2023.