Rock Hill and David Tepper’s now abandoned Panthers Headquarters project have just agreed to settle out of court for $20 million, according to a new court filing.
If approved, the agreement will end the dueling lawsuits between the City of Rock Hill and Tepper’s GT Real Estate and immediately transfer $20 million cash from Tepper’s accounts to the city’s.
The settlement agreement does not specifically spell out who was at fault for the failed project or exactly why the project ultimately ended.
The city of Rock Hill would drop its lawsuit against Tepper companies as part of the settlement if approved by a judge, court records show. https://t.co/MRt0ajRU5u
— The State Newspaper (@thestate) November 14, 2022
Colliers International is now attempting to sell the property as a ‘mixed-use development opportunity’.
“Rock Hill Overlook is a premier ± 245 acre mixed-use development opportunity with immediate access to I-77 with a newly constructed Exit 81 interchange (May 2023). This first-class property offers exceptional ease to Rock Hill & the greater Charlotte markets. The property boasts remarkable access and visibility from I-77, with an astounding ± 5,679 SF of frontage.”
The $20 million settlement between GT Real Estate Holdings, LLC and the City of Rock Hill must now be approved by a Delaware bankruptcy judge, according to the official Tepper-Rock Hill Court Filing.
What do you think about the settlement?