Developer: Struever Bros. Eccles and Rouse (SBER)

2 properties

Founded in 1974, SBER grew to become the lead developer or contractor in dozens of high-profile projects. Many of these were pioneering projects that transformed industrial brownfields and sparked additional development. SBER was a leader in using tax credits for historic preservation and affordable housing. But the economic downturn of 2008–2009 hit the company hard. Unable to complete construction or refinance many properties, SBER defaulted on loans and failed to pay contractors for work already completed. Dozens of lawsuits were filed over loan defaults seeking millions of dollars in repayment. SBER never filed for bankruptcy court protection and instead settled some of the cases and made at least partial payments to some contractors, but many remained unpaid. The RI corporate branch was dissolved in 2009. BaltimoreSun.com, January 15 2011