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| Ted Rollins |
The Web site seekingalpha.com reported that the decision was part of the company's plan to get out of the construction/development business.
Rollins has been the subject of numerous posts here at Legal Schnauzer, mainly because of his central role in a grossly unlawful divorce case in Shelby County, Alabama, against his second wife, Sherry Carroll Rollins, who now lives with the couple's two daughters in Birmingham. Also, Rollins' corporate law firm has been Bradley Arant, of Birmingham, and he has been a major figure in Alabama business circles--with properties under The Grove banner at four of the state's public universities (South Alabama, Troy, Jacksonville State, and Auburn).
A fifth Campus Crest location, at the University of Alabama, was planned. Mayor Walt Maddox and the Tuscaloosa City Council approved the project in September 2013, but now it apparently has been scratched.
Before the Tuscaloosa vote, I notified Maddox and members of the city council about Rollins history of child abuse, apparent perjury, and refusal to pay court-ordered child support. Did anyone amid the Tuscaloosa leadership show concern? Not that we are aware of, and here is what we reported at the time:
Almost all of the information about Ted Rollins' unsavory history is a matter of public record. But can Maddox and members of the Tuscaloosa City Council be expected to comb through court records every time a developer seeks approval for a construction project?
Well, in this case, they didn't have to. That's because I did the work for them.
On the morning that the city council was to vote on a rezoning request connected to The Grove project, I sent an e-mail to Maddox and then council member Lee Garrison. (In the August 27 municipal elections, Garrison was elected chair of the Tuscaloosa City School Board and officially gave up his council seat.)
I identified myself as a journalist who had reported extensively on an Alabama divorce case involving Ted Rollins. I cited just some of the ugly facts in the CEO's background and provided links to articles and public documents. I asked Maddox and Garrison if they supported such a corporate executive entering the Tuscaloosa business environment, and if so, why.
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| University of Alabama |
Did the revelations have any impact? Did Tuscaloosa city leaders take the documented ugliness in Ted Rollins' background seriously? The answer appears to be no, considering that the rezoning request was unanimously approved that night--and the full Campus Crest project was approved at a subsequent council meeting.
You can check out all of the details at a post titled "Mayor Walt Maddox and the Tuscaloosa City Council welcome CEO Ted Rollins and his heavy baggage."
For now, Campus Crest Communities' future seems very much in doubt--and the board of directors has shown Ted Rollins the exits. This is from a company press release, dated November 20, 2014:
As a result of the Company's decision to discontinue its construction and development business, the Company is disposing of undeveloped land parcels held in the following student housing markets:
Allendale, Michigan (Grand Valley State University)
Bellingham, Washington (Western Washington University)
Boca Raton, Florida (Florida Atlantic University)
Charlotte, North Carolina (UNC-Charlotte)
Mt. Pleasant, Michigan (Central Michigan University)
Sacramento, California (Cal-State Sacramento)
San Angelo, Texas (Angelo State University)
Tempe, Arizona (Arizona State University)
Tuscaloosa, Alabama (University of Alabama)
Here is the description for the property in Tuscaloosa:
Tuscaloosa, Alabama
12.8+/- acre property located at Jack Warner Parkway and McFarland Boulevard Fully-permitted and fully-entitled for a 228-unit/ 628-bed development 0.1 miles from University of Alabama, along the Black Warrior River, and adjacent to other purpose-built student-housing
I'm betting the CCG board of directors will eventually sell off the whole company, probably to one of the other two publicly traded student-housing outfits.
ReplyDeleteIt maybe that campus housing is no longer the lucrative business it once was. With the increase in student debt, many are looking for less expensive housing. More are finding is less expensive to stay with the parental units and study close to home.
ReplyDeleteRollins may simply have become a bad business risk. Or perhaps some of his personality traits which led to his "unacceptable treatment" of his family crossed over into his business dealings. its one thing to treat a wife and children poorly. It is quite another to do it to a guy who moves in the same circles as you do.
A balcony railing gave way at Crimson Student Living at the University of Alabama on Saturday, November 29th & guess who was the original owner, designer & builder of that property? Check it out.
ReplyDeletehttp://www.abc3340.com/story/27517269/two-people-fall-four-stories-from-balcony-in-tuscaloosa
Don't worry about the Campus Crest partners who will be able to take all kinds of losses on their partnership tax return before the company files for Chapter 11 to reorganize its debts so it can actually increase cash flow to the partners. The tax attorneys will make sure the partners don't receive too much taxable income on their K-1s. What's left in the company's coffers will be used to buy their way in as a corporate partner in a new venture & I'm sure Ted will be invited to buy into the new game with his buy out from the old one. A bad year for a company can actually increase cash flow to its owners if their attorneys know what they're doing & that's a big if with some Alabama law firms whose partners got where they are because of who they know and not what they know.
ReplyDeleteHere is the latest on Campus Crest Communities, from Seeking Alpha:
ReplyDeletehttp://seekingalpha.com/pr/11904865-ccg-comments-on-director-nominations?app=n
Thanks for the information, Rob, about the incident at Crimson Student Living. Who was the original owner, designer and builder of that property? I don't know, but my first guess would be Stan Pate.
ReplyDeleteA mistake for Atan Pate to sell the property to Ted Rollins!
ReplyDeleteHave any thoughts on the travesty of ending football at UAB? Makes me sick!!
ReplyDeleteI have some thoughts on UAB football coming in a post tomorrow morning, probably with at least one followup post.
ReplyDeleteI don't know specifically that Campus Crest had anything to do with the construction of Crimson Student Living in Tuscaloosa. Campus Crest (CCG) typically builds properties labeled "The Grove" and they have a very similar look and type of construction. Crimson doesn't look like a CCG or "Grove" property, and if it were they probably would still own it. Crimson would likely be one of the nicer CCG properties if they did own it. Anyway, don't let the facts get in the way of a good story.
ReplyDeleteYou're telling me not to let facts get the way of a good story? That's a good one, considering that you obviously haven't a clue what you are talking about. We reported that CCG was selling its property in Tuscaloosa, and that already has happened. An outfit called CA Ventures bought it, and that was announced in February:
ReplyDeletehttp://www.studenthousingbusiness.com/latest-news/ca-ventures-wanxiang-and-core-investments-acquire-six-former-campus-crest-sites
Also, we reported that CCG was getting out of the construction part of the business, and that has happened, meaning the company will have nothing to do with building of any facility at UA.
I wonder if ccg has any buyers yet so they can off load all their properties?
ReplyDeleteI have some thoughts on UAB football coming in a post tomorrow morning, probably with at least one followup post.
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