IBJNews

Bankruptcy stops condos' auction

Back to TopCommentsE-mailPrintBookmark and Share

An Indianapolis developer’s last-minute bankruptcy filing halted the auction of a struggling downtown condominium project.

Close to 50 people gathered Feb. 7 to bid on eight units at the Chatham Kynett Court development at 716 N. East St. But an attorney for the property’s original owner showed up to notify the group that the owner had filed for Chapter 11 bankruptcy, stopping the sale, according to Jeff Donor, a vice president at Key Auctioneers.

Indianapolis-based developer SC Devcon brought the Chatham Kynett Court project to market in 2008, just before the real estate market soured. The units ranged from 1,400 square feet to 2,200 square feet and were offered for $249,000 to almost $400,000.

Three of the condos sold while the remaining eight sat empty for almost five years in various stages of completion. Key Auctioneers intended on Feb. 7 to sell those remaining units "as is."

SC Devcon affiliate Timberpace LLC owned the property.

Indiana Secretary of State records list the registered agent for both firms as Shawn Cannon. The firms have the same address in an office building at 110 E. Washington St. State records indicate both businesses have dissolved. Calls to the listed phone numbers for the companies went unanswered last week.

A Feb. 7 court filing lists the condo properties as belonging to another firm, Allpark LLC. Cannon is the managing member of Allpark.

In a court order, U.S. Bankruptcy Judge James Coachys granted a reprieve until March 11 for Cannon to file the initial Chapter 11 documents. His Feb. 7 filing was enough to stop the auction but not enough to proceed with a bankruptcy.

An attorney for Cannon declined to comment beyond what was in court records.

Donor said he has not heard from the owner since the auction was canceled.

ADVERTISEMENT

  • Thanks
    Ah - didn't realize that - thanks for the update.
  • Kynett Building
    Nope, I'm talking about the historic Kynett building that is part of the project but not specifically mentioned in this article. an earlier IBJ article mentions it: http://www.ibj.com/long-struggling-condo-development-going-to-auction/PARAMS/article/39440 Doner said one of the units is finished and three are drywalled and have mechanicals but need finishing. Of those four units, three are in a four-unit building that faces East Street and the other is in a three-unit building directly behind it. Both of those structures were built when the condos were developed. The other four units that are part of the auction package are yet to be built in the Kynett building, a historic brick structure that fronts Cleveland Street, an alley behind and parallel to East Street.
  • Huh?
    Tommy - historic building? The condos in this article were new construction (cheap, poorly done new construction). Are you talking about some other development?
    • Good points Joe
      You've some points Joe, they're definitely a difficult sell for the reasons you've listed, but if the market hadn't crashed, they'd have found the right buyer. I've walked the historic building as is, and there are two unfinished units that would be simply amazing.. 20 foot ceilings and cozy balconies overlooking a small courtyard. I hope this project is saved, because the potential is there. Trust me, you'd agree if you'd seen what I've seen.
      • The Design was problem
        It wasn't Downtown that was the problem, it was the layout, size, price, and location. They were aesthetically attractive, though. Many people moving Downtown are older empty-nesters who don't want too many steps. Younger buyers aren't in this price range.
        • No Mikey....
          ... You just have to value vibrant, urban living. I know many people who consider downtown real estate prices to be a bargain.
        • RipOff
          I love downtown living, but to be honest it's a complete ripoff. so overpriced! 1 bedrooms w/ less than 800sq ft going for like $200k, yea....you have to either be rich or an idiot.

        Post a comment to this story

        COMMENTS POLICY
        We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
         
        You are legally responsible for what you post and your anonymity is not guaranteed.
         
        Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
         
        No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
         
        We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
         

        Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

        Sponsored by
        ADVERTISEMENT

        facebook - twitter on Facebook & Twitter

        Follow on TwitterFollow IBJ on Facebook:
        Follow on TwitterFollow IBJ's Tweets on these topics:
         
        Subscribe to IBJ
        1. Good Day I am Mr (Victoria Wright) from United state of America, i stayed in NEW YORK, and i have a broke up business, until i found this company email who help me to gain a loan for business,, and now i want to used this short medium to congratulate the below company for the fast and safe money they loan to me without any form of collateral, i loan 500,000USD from the company to save my business and lots more, i saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my money was sent to my account just 3 days later, i was surprise and i feel so glad, now i have a standard business control agent who help me, now i will advice those who need urgent loan to contact him at the bellow email:zenithfirm12@gmail.com

        2. NOTICE:This is to inform the general public that Vampires are real. My name is James Franklyn.,am an agent of vampire,am here to introduce our new world trend to you,a world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will be assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk.In case you are wildly oppressed by some unscrupulous persons we can still help you fight them.Your protection is assured immediately you join.Just contact the bellow email if you are interested we are here to attend to you anytime you want us. Contact the bellow email for more details. Email:vampirescreed@hotmail.com Sincerely: James Franklyn.

        3. Bravo! Someone else that is willing to speak the truth! Bravo!_____NBCSN is available in almost 2 MILLION more homes than just a few years ago, but Indycar STILL gets less total viewers than it did just a few years ago when NBC took over Versus. Attendance and ratings cratered with the end of season races (just when the title battle got "interesting" HAH!__________And now...new race in Basilia, where Miles celebrated the "rich history" of Indycar racing there. Rich history? What, 7 events in the 100 years of AOW? Yep, some history. Well, at least its an oval. It's not??? Are you kidding me??? Gosh darn road racin furriners.

        4. PURITY RAY LOAN OFFER........ Have you been denied by your banks,or are you in need of of an urgent loan to pay of your bills we are capable of giving loans @ cheaper rate to interested individuals, student, companies and members of the public in need of finance to settle bills, we do offer considerable loans which you can count on. For more information on our various types of loan,then you will have to contact PURITY RAY LOAN FIRM, to help you achieve your desire LOAN APPLICATION FORM TO BE FILLED BORROWERS INFORMATION * Full name:………………………. * SEX * ……………………………. * Country………………………….. * State:……………………………. * Land:…………………………….. * Occupation:…………………….. * phone number:…………………. * Telephone: ………………………….. * Age:………………………………. * Amount needed as loan:……… * Loan Duration:………………….. * Propose of Loan:……………….. * Annual revenue:………………… * Monthly Income:……………….. * Guarantee:………………………. * Payment: monthly or annually Email.....purityrayloanfirm@gmail.com Thank you and God bless Mr Purity Ray PURITY RAY LOAN FIRM we tend to serve you better

        5. Problem: most of the people responding to this article don't know about this service AT ALL! Why? Lack of awareness. This isn't IndyGo. This is CIRTA: might as well be the mattress company because they are asleep at the wheel - something like 3 directors over the last year? Playing with federal grant money is great! This "region" wants commuter rail service, has spent MILLIONS on Transportation studies yet can't even support a commuter bus line? This is largely for suburban riders to get to downtown - not for "service people to work in our hotels and restaurants" ! Get your head out of your backside!! These are professionals, students etc. that don't want to fight traffic, save some money on parking, gas, stress.... if CIRTA would put their federal money into widely promoting the sevive to Greenwood, Fishers & Carmel instead of finding directors and studies - this would be a successful service. Our family uses(d) it daily for the last several years - but the recent uncertainty & now unreliability due to cuts from Carmel has been a problem. Now, costs us an additional $350/month for gas & parking ( $4200/year) plus vehicle wear, service, environmental impact ... YES - this REGION needs this this type of service in order to keep growing and getting the people it needs to fill skilled positions in downtown Indianapolis. Think outside of your own car !!!

        ADVERTISEMENT