Morning Headlines: Kenpor L.P. Backs Out of Property Rehabbing Over a Year Later

No funds left, apparently.

An agreement to demolish / rehabilitate the former properties of slumlord Robert Coyle has come to naught. The deal, made in September 2012, was between the city and Kenpor L.P. It involved the holding company getting 98 of the properties in exchange for paying the city $300,000 with $630,000 added overtime.

The plans officially came to an end yesterday when Kenpor’s attorneys said the company lacked funds to rehab the properties. The announcement was made during a status hearing before the Common Pleas Court.

According to the Inquirer’s Samantha Melamed, the original good news had been a “glimmer of hope for Kensington and Port Richmond, where nearly 300” of Coyle’s buildings had been under foreclosure. Today, all of Kenpor’s properties have code violations. One has 20.

Company says it can’t afford to rehab city properties [Inquirer]

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