Dear St. Paul’s family,
As we move towards the current December 10, 2018 closing date on the sale of the Olive Street parcel to our developer, Greystar, the time has come to begin the sad process of saying thank you and goodbye to the tenants in the Park Chateau apartments.
Our Purchase and Sale Agreement with Greystar requires us to deliver an empty Park Chateau at the time of closing. (We do not need to vacate the Administration Building on the same schedule.) While we anticipate that closing may be delayed beyond December 10th, it is possible that the transaction will be completed on that date. The December 10th date remains Greystar’s current hope, and so, in line with that, they sent us legal notice two weeks ago that the property must be vacated in 90 days. The LLC understands that meeting the legal conditions of closing is critical to the future of the project, even though it sincerely regrets the disruption this requirement will cause for our neighbors in the Park Chateau.
The Nutmeg and Olive LLC, legal owner of the Park Chateau, immediately began working with the Park Chateau property manager and our consultant, Tom Delaney, to fulfill this requirement. Park Chateau tenants have been given notice of the termination of their rental agreements, effective at the end of November. In addition to returning their security deposits in full, the LLC is offering the tenants financial assistance for moving in an expeditious manner. R.A. Snyder, the property manager, will also work with current residents to help them find homes in other properties Snyder manages, if they wish.
The LLC has begun discussion about security measures to protect the vacant Park Chateau from vandalism and squatters during any interim period between the time the tenants depart and Greystar takes ownership, should the closing date be delayed.
St. Paul’s Cathedral is extending an invitation to all Park Chateau residents to join us on Thursday, November 22, at 12:30 p.m., following the Thanksgiving Day Eucharist, for a Thanksgiving meal. I hope you, too, will attend, and take the opportunity to wish our neighbors Godspeed as they move from our immediate neighborhood.
Many thanks to Mark Lester for drafting this letter in my absence.
Your sister in Christ,