Renaissance Bay heads for sheriff's sale

Back to TopCommentsE-mailPrintBookmark and Share

A $150 million project that slammed head-first into the recession is slated for a sheriff's sale later this month.

Plans for Renaissance Bay had called for more than 300 luxury condos at Keystone Avenue and 78th Street, on 55 acres surrounding a massive lake that connects to the White River.

But the developer, a partnership of Sunstone Properties and Shiel Sexton Co., managed to build only a handful of the proposed buildings inspired by the architecture of South Carolina. Condo units had been priced from $350,000 to $800,000.

The sheriff's sale, one of the city's largest to date, is scheduled for 3:30 p.m. June 15 at the City-County Building.

Fort Wayne-based Star Financial Bank is trying to recover some of the more than $23 million it loaned for the project. The bank has said in court filings that the developer stopped making payments in April 2010.

Defendants in the case are listed as Renaissance Bay Associates, of which the large local builder Shiel Sexton is a partner, along with House Investments, a locally based company that specializes in equity financing and mezzanine debt.

A court docket shows the case was closed in April, and a judgment of more than $3 million entered for the bank. The sheriff's sale was ordered April 21.

Shiel Sexton had a role building the project but not an equity interest, Executive Vice President Richard "Buddy" Hennessey told IBJ in December 2010.

A buyer likely would consider converting the unfinished condo project into apartments, taking a similar tack as the buyers of downtown's The Maxwell. Condo sales have been especially weak in recent years, while apartment rent rates and occupancies have risen.

The Renaissance site actually had been home to an apartment complex called The Landings before the developers trucked in massive quantities of fill dirt to make way for the tony condos.


  • sad
    I toured these condos as part of last year's Showcase of Homes- they are truly gorgeous and obviously someone took real pride in designing them.
  • Hope They Continue To Build
    I really hope they continue to build these beautiful condos. When they started going up I was impressed with the unique style and color choices. This recession has really messed with so many lives.

Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
thisissue1-092914.jpg 092914

Subscribe to IBJ