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Lender takes action on Renaissance Bay project

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Renaissance Bay, a partially completed luxury condominium development at Keystone Avenue and 78th Street in Indianapolis, has been placed into receivership after developers failed to make payments on its loan.

Marion Superior Court Judge Timothy Oakes on Dec. 22 appointed Indianapolis-based Barrett & Stokely Inc. as the receiver of the 55-acre development, which was  started three years ago by Sun Shiel Properties LLC.

Fort Wayne-based Star Financial Bank seeks $23 million loaned for the project, plus interest and attorney fees. In court records, Star said the developer has failed to make interest payments on one note since April.

Renaissance Bay was to be a $150 million development with more than 300 condominium units ranging in price from $350,000 to $800,000.  The property borders a 25-acre lake that connects to the White River.

Several buildings featuring South Carolina-themed architecture have been completed on the north end of the property. The southern end remains undeveloped except for streets and utilities.

A sign for the development along Keystone Avenue said prices of the units have been reduced.

Sun Shiel is a joint venture of Sunstone Properties and Shiel Sexton Co., one of the city's largest construction contractors.

Shiel Sexton had a construction role in the development but not an equity interest, said Richard "Buddy" Hennessey, executive vice president at Shiel Sexton.

Hennessey said the project drew ample interest from "empty-nest" buyers wanting to downsize but who ultimately could not sell their existing homes during the economic downturn. "It's as simple as that,"  he said.

Under current economic conditions, the development could be repurposed as apartments, he added. Renaissance Bay is on the former site of The Landings apartments,  which were demolished.

Barrett & Stokely, the newly appointed receiver, has managed over 130 properties in Indiana, Ohio, Kentucky, Illinois and Missouri.  Locally, they include Riley Towers Apartments and Canal Square Apartments.

Officials of Barrett & Stokely could not be reached for comment.
 

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  • How many other Renaissance Bay Condo Projects are lurching
    So how many other of these projects exist that lenders are keeping under the hood? How can the City of Indianapolis expose the Taxpayers to the NOSO project? With the failure of The Maxwell on Ohio St and does anyone know a Current Status on Villaggio on Virginia and South St? Last I heard no condo units where even selling at any price according to a resident. Has the bank stepped in on this project? It is a very nice project which has struggled and shows the market difficulties which should make the city back away from NOSO

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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