Hunt Pinnacle signs on to Moody Housing Project - WALB.com, Albany News, Weather, Sports

Hunt Pinnacle signs on to Moody Housing Project

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April 4, 2008

Valdosta - Good news for many area subcontractors.

A letter of intent has been signed by a development group out of Texas to acquire the Moody Family Housing Project.

Subcontractors walked off the job over a year ago when they stopped getting paid. The letter of intent means they are now one step closer to getting their money.

It's an announcement Congressman Jack Kingston has been hoping to make for over a year.  A letter of intent has been signed by the Hunt Pinnacle Group to take over the Moody Family Housing Project.

He hopes signing the letter of intent will soon lead to the signing of a purchase and sales agreement.

Once that happens, work can re-start on the 600 houses at the Magnolia Grove Family Housing Project at Moody Air force base.

They've been rotting behind locked gates for over a year.  That's when subcontractor walked off the job because the contractor, the Carabetta group, failed to pay them millions of dollars.

They are still owed money and many have lost their homes, company, and jobs because of the sour deal. Congressman Kingston hopes the letter of intent will get them one step closer to being paid back.

And there's even more good news to those waiting to get paid and wanting to move in.

The Hunt Pinnacle Team has worked on many Air Force and military housing installations and have even been awarded for their skills. So it's unlikely a similar problem will happen again.

Hunt Pinnacle also signed a letter of intent to purchase military family housing projects in Arkansas, Massachusetts, and Florida.

Carabetta defaulted on the projects there as well.

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