Lexington Kentucky Real Estate

A real estate development currently under construction is now apparently in jeopardy.  Tribecca Development Company was building some luxury Lexington condos in a development called The Mark – but worked stalled on the 36 unit complex located at East High Street & Woodland Avenue a few months ago.  Shortly thereafter, many contractors that had worked on the development, placed liens on the property stating that they had not been paid for services or materials provided.

And now the primary lender for the project, Central Bank & Trust Company has asked the courts to force the sale of the development.  The luxury Lexington condos are now approximately 75% to 80% complete and no work is currently happening on the job site.  Tribecca Development Company had hoped that the project would be salvaged, and completed as originally proposed – but with all of the creditors lining up, and now the primary lender who has millions of dollars of outstanding debt, its finish is now in question.

The original expected sales price for these luxury condos in Lexington was going to range from $227,000 to $540,000 each.  This is the first Lexington condo development in the downtown area that is facing foreclosure in a long while.

Given the proximity to everything in the downtown Lexington area, its likely that some real estate developer may be able to step in, save the project, and finish The Mark – and make a decent profit to boot.