The owners of Perkins Rowe purchased the mixed-use development’s water chilling facility for $2 million, putting to an end a long-running dispute with developer Tommy Spinosa over the plant that provides air conditioning for businesses and residents.
Central Facilities LLC sold the chiller to TPG Capital, of Fort Worth, Texas, in a deal that was filed with the East Baton Rouge Clerk of Court’s Office Monday. Court documents listed former LSU football coach Nick Saban and his wife, Terry, as the sole members of Central Facilities management. Saban, now coaching Alabama’s football team, was a partner with Spinosa in Central Facilities.
Officials with Perkins Rowe said the agreement ensures that air conditioning for all of the buildings in the development will continue uninterrupted.
“This is great news for our tenants, residents and customers,” Bill Pietri, Perkins Rowe’s general manager, said in a statement. “We’re looking forward to the future here at Perkins Rowe.”
A spokeswoman for Spinosa, Kelly D. Vastine, confirmed the sale but declined to comment further.
Spinosa’s lender, Key Bank National Association, unsuccessfully attempted to seize the chilled water plant, the property of Spinosa’s Central Facilities, during foreclosure procedures on Perkins Rowe.
But the chiller, which provided air conditioning to the development’s 87 condominiums, 226 apartments, more than 60 shops and restaurants, bookstore, grocery store, fitness center, pharmacy and movie theater, remained under Spinosa’s control.
In March, Perkins Rowe’s management firm, Stirling Properties, applied for a permit for a new chilled water plant and piping. A month later, a line that supplies chilled water to the development’s air conditioning system was broken. That knocked out air conditioning in Perkins Rowe for a day or so, which led to the temporary closure of the Cinemark Perkins Rowe movie theater.
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