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Gray Purcell meltdown hurts developers

When Mike Purcell folded Gray Purcell Inc. and filed for personal bankruptcy in 2008, it hurt many developers and clients.

When Mike Purcell folded Gray Purcell Inc. and filed for personal bankruptcy in 2008, it hurt many developers and clients involved with the company.

Most notably, the $12 million Mississippi Avenue Lofts condo building was sold for $5.98 million after it was lost to foreclosure.

The Mississippi Avenue Lofts is one of at least a dozen Portland buildings launched since 2005 caught up in the spectacularly messy meltdown of Lake Oswego general contractor Gray Purcell Inc. Developers of buildings from North Portland to Goose Hollow to the Central Eastside saw their projects go grossly over budget and fall months behind schedule under Purcell's oversight.

Three of those developers filed lawsuits against Gray Purcell and its longtime president, Mike Purcell, accusing them of improperly diverting hundreds of thousands of dollars in cash and building materials from their projects. Eight other Gray Purcell clients echo those allegations, saying their projects were hard hit by delays, cost overruns and liens filed by subcontractors and suppliers Gray Purcell failed to pay.

Read more at OregonLive.com.

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Last modified onMonday, 19 October 2015 11:39
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