Oro 2 Debt Up For Sale


It doesn’t seem like plans for the long-stalled second Oro building in Downtown will be coming to fruition anytime soon, as Massey Knakal has a listing for debt associated with the development site. Here’s what the listing says (click through to see it): “Massey Knakal handles note sale for senior note collateralized by 313 Gold Street on behalf of lender. The subject is a 17,000 SF, corner development site, once known as ‘Oro 2′. The through-block development has frontage on Gold, Johnson & Prince Streets and is located in a C6-4 zone, which can accommodate 170,000 – 204,000 buildable square feet.” There hasn’t been news about plans for the tower in years, though back in 2008 the developer was talking about building a hotel/residential hybrid. Update: We’ve heard from a source who’s been tracking details concerning the site’s ownership and says the following: “Ron Hershco lost or sold–the latter I believe–this property, only to re-acquire it somehow…I don’t believe the buildable square feet calculation is correct. A prior owner purchased 75,000 square feet of development rights from the City (a negative easement on the police precinct and firehouse) in addition whatever rights are inherent to the site itself” (more info on the development rights purchase here) GMAP

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