Boise Place developer declares bankruptcy 

Gary Rogers’ development firm for Boise Place, a 34-story development planned on the former Boise Tower site in downtown Boise, has declared bankruptcy.

Charterhouse Boise Downtown Properties filed for Chapter 11 bankruptcy on the evening of Aug. 1, according to U.S. Bankruptcy Court records – the day before the Boise Tower site was scheduled to be sold at auction to settle a $2.575 million loan Rogers defaulted on.

Rogers has declared bankruptcy five times in the past.

The $2.6 million loan, and a $500,000 lien filed by the architect for Boise Place, were apparently not the end of Rogers’ debts. On his voluntary petition for bankruptcy, Rogers checked the box for $10,000,001 to $50 million under the estimated debts section.

Rogers’ next step is to prepare a plan of reorganization to keep the project on track, said T.J. Angstman, Rogers’ attorney. Rogers plans to release a statement soon, he said.

Alpha Lending, who had administered the $2.575 million loan for private investors of Rogers, recently sold its interest in the loan to Robert Capps, the president and CEO of Capps Homes in Tahoe City, Calif. Capps would have stood to take possession of the property today if Rogers had not declared bankruptcy.

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