Business & Tech
Foreclosure Sought for Abandoned GenPhar Building
As prosecutors seek foreclosure, town lists property as key economic prospect.
Federal prosecutors are seeking foreclosure on a valuable piece of Mount Pleasant real estate that's been mired in criminal case since 2011, according to reports.
The three-story GenPhar building between behind the Market at Oakland of Isle of Palms Connector was recently listed by town officials as a key piece in the town's bid to attract more commercial business.
But the building has been the target of vandalism since its owner, Dr. John Dong, was arrested on charges he misappropriated grant U.S. military grant money. Read more about GenPhar and Dong's arrest.
The government had sought to block foreclosure in the past, since they allege the Dong used federal dollars meant for research to build the multi-million dollar complex.
Now, though, prosecutors admit the building is losing value as sits unoccupied, partially complete and a target for vandalism.
Read the full story at PostandCourier.com.
Editor's note: This story has been modified from its original version to correctly reflect the location of the building.
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