Sunday, February 13, 2011

5th & Main condos in East Nashville to be auctioned

The 5th & Main condominium project in East Nashville, a six-story building with 129 units, will be auctioned on Feb. 25.

The auction will be held in front of the Main Courthouse, 1 Public Square.
The auction will include two sales, one for the commercial component of the project and another for the residential part, said attorney Charles Sanger of Bradley Arant Boult Cummings, the law firm that represents some of the lenders on the project.

The first sale is scheduled for 11 a.m. and the second for 11:15 a.m.

The Davidson County Chancery Court approved the foreclosure.

The project has been in the hands of a receiver — a court-approved officer who manages the property for all parties — for about 18 months, Sanger said.

The project, which opened in 2008, fell victim to the national economic downturn, according to Councilman Mike Jameson. The councilman still believes the condominiums can succeed as the economy rebounds.

“It’s sort of a sad interim,’’ Jameson said.

-- Andy Humbles

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