A Jackson bank has filed foreclosure proceedings against Tennessee-based North Cache Investments LLC, who owns five lots on North Cache Street and has been planning a 65,000 square foot hotel. The foreclosure lists $10.1 million in unpaid principle and another $198,000 in interest, but it's still unclear where the owners have stopped making payments, broke the conditions of the mortgage, or are simply renegotiating it. However, the developer of the hotel claimed he plans to buy the property from the current owner, so North Cache Investments may indeed be abandoning ship after all. Regardless of who maintains ownership of the property, they'll have to deal with the plume of benzine gas left over from when a Texaco gas station called the plot home.
· Foreclosure sought for Cache Hotel site [Jackson Hole Property Guide]