A few of the 130 condos light up at night. A TV glow can be seen from an occasional living room. People come and go from the Otter's Chicken Tenders or French-inspired Allium restaurants downstairs. The general contractors have come back to put finishing touches on the building.
The development, which opened last year in the midst of a real estate bust, struggled to sign up buyers. Now, it has shifted gears somewhat, signing up some 15 renters, all of whom have signed a lease with an option to buy their condos, according to Jenn Garrett, managing partner of Village Property Management, which has moved into a sales office in the back.
It's a strategy meant to bring income and tenants into a building that lost a major financing option for its buyers earlier this year when the Federal Housing Administration pulled its backing.
At this point only seven condo buyers have finalized their condo purchases, and courting renters is viewed as a tactic that could help 5th and Main — as well as some other struggling condo projects here — cope with a difficult real estate and lending market.
Rolling Mill Hill, the empty and looming three-building condo development on a hill overlooking the south side of downtown, may be turned into an apartment complex, according to the receiver who took over that building on behalf of lenders in June, attorney John Cheadle.
He said Rolling Mill Hill has gotten interest from several developers, including a "good" offer from an unnamed developer who wants to turn the buildings into apartments, although they were originally intended as owner-occupied condos. No one has bought a condo there yet, although construction is substantially complete.
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