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Renaissance Bay heads for sheriff's sale

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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.

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  • 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.

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  1. Hiking blocks to an office after fighting traffic is not logical. Having office buildings around the loop, 465 and in cities in surrounding counties is logical. In other words, counties around Indianapolis need office buildings like Keystone, Meridian, Michigan Road/College Park and then no need to go downtown. Financial, legal, professional businesses don't need the downtown when Carmel, Fishers, North Indy are building their own central office buildings close to the professionals. The more Hamilton, Boone county attract professionals, the less downtown is relevant. Highrises have no meaning if they don't have adequate parking for professionals and clients. Great for show, but not exactly downtown Chicago, no lakefront, no river to speak of, and no view from highrises of lake Michigan and the magnificent mile. Indianapolis has no view.

  2. "The car count, THE SERIES, THE RACING, THE RATINGS, THE ATTENDANCE< AND THE MANAGEMENT, EVERY season is sub-par." ______________ You're welcome!

  3. that it actually looked a lot like Sato v Franchitti @Houston. And judging from Dario's marble mouthed presentation providing "color", I'd say that he still suffers from his Dallara inflicted head injury._______Considering that the Formula E cars weren't going that quickly at that exact moment, that was impressive air time. But I guess we shouldn't be surprised, as Dallara is the only car builder that needs an FAA certification for their cars. But flying Dallaras aren't new. Just ask Dan Wheldon.

  4. Does anyone know how and where I can get involved and included?

  5. While the data supporting the success of educating our preschoolers is significant, the method of reaching this age group should be multi-faceted. Getting business involved in support of early childhood education is needed. But the ways for businesses to be involved are not just giving money to programs and services. Corporations and businesses educating their own workforce in the importance of sending a child to kindergarten prepared to learn is an alternative way that needs to be addressed. Helping parents prepare their children for school and be involved is a proven method for success. However, many parents are not sure how to help their children. The public is often led to think that preschool education happens only in schools, daycare, or learning centers but parents and other family members along with pediatricians, librarians, museums, etc. are valuable resources in educating our youngsters. When parents are informed through work lunch hour workshops in educating a young child, website exposure to exceptional teaching ideas that illustrate how to encourage learning for fun, media input, and directed community focus on early childhood that is when a difference will be seen. As a society we all need to look outside the normal paths of educating and reaching preschoolers. It is when methods of involving the most important adult in a child's life - a parent, that real success in educating our future workers will occur. The website www.ifnotyouwho.org is free and illustrates activities that are research-based, easy to follow and fun! Businesses should be encouraging their workers to tackle this issue and this website makes it easy for parents to be involved. The focus of preschool education should be to inspire all the adults in a preschooler's life to be aware of what they can do to prepare a child for their future life. Fortunately we now know best practices to prepare a child for a successful start to school. Is the business community ready to be involved in educating preschoolers when it becomes more than a donation but a challenge to their own workers?

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