hmmm...the chilled water saga at Perkins Rowe

quote:

---

Construction crews have stopped—at least for now—digging up the streets in Perkins Rowe to lay underground lines for a new chilled water plant, which is necessary to run the air conditioning throughout much of the mixed-use development. Daily Report has learned this morning that underground work has been halted because Perkins Rowe's new owners—who filed for a plumbing permit in March to begin work associated with a new chilled water plant—are making progress in negotiations with Perkins Rowe developer Tommy Spinosa to buy the chilled water plant owned by his Central Facilities Operating Co. The chilled water facility has been a source of contention for years between Spinosa and his tenants, lenders and, now, the new owners of the development. Tenants claim Spinosa overcharges for the supply of chilled water and, in lawsuits, have alleged that they were unaware of his ownership of Central Facilities when they signed leases with Perkins Rowe. Though Spinosa lost Perkins Rowe in a foreclosure battle last year, he has continued to own Central Facilities with University of Alabama head football coach Nick Saban, a personal friend. Sources familiar with the situation at Perkins Rowe say the property's new owners, TPG Capital Partners, and their management firm, Stirling Properties, tried earlier this year to negotiate lower rates for chilled water with Spinosa. They also offered to buy his facility. The developer refused both proposals, which is why they began laying lines for their own chiller plant. Now, Spinosa has come back to the bargaining table. It is unclear when the situation might be resolved. A spokeswoman for Stirling Properties declined to comment this morning, and a spokesperson for Spinosa did not return a request for comment in time for publication. —Stephanie Riegel

---