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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. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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