The economic recession has hit many developers hard and Jim Anthony, owner of the Cliffs Communities, was no exception. On Wednesday it was announced that the Cliff’s will file Chapter 11 bankruptcy and the Carlile Group will assume control of the Cliff’s properties. Based in Texas, the Carlile Group is headed by Steve and Penny Carlile.
The new owners say they plan to keep Anthony’s vision and will not need to take on additional bank debt. “This is important for the community. It’s important for employees,” Carlile said. “This needs to work.” The Carlile’s are east Texas natives and both attended Baylor. Previous investments have focused on oil and gas exploration and trucking. They are also known for owning Celebrating Home. Celebrating Home offers a unique combination of the very best entertaining and decorating products, training, compensation and marketing support in the direct selling industry.
So what does all this mean for the Upstate? It may take several years to find out, but it certainly appears to be a positive step. The Carlile’s have indicated they are investing “patient” money, which is what the Cliffs needs right now. The properties are located in some of the most beautiful areas of North and South Carolina, so the demand will return once the financial risk is removed.
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