The new owners of Nashville's Fifth and Main condo project are hoping an auction might jumpstart interest in their mostly empty asset. This isn't the building's first time at the rodeo, so to speak; ACG Equities Inc. acquired the foreclosed building at auction in 2009 for $11.2 million.
Only 9 out of 129 units have sold at the development since it was started in 2007. 6 units are under contract, but the buyers are awaiting FHA approval, which can only happen after at least 1/3 of the units have been sold. Thus, let the bidding begin.
25 units will be offered at discounts of up to 50%. Bidding begins at $95,000 for a 755 square foot, 1 bedroom, 1 bath condo, and goes up to $290,000 for one of the 2 bedroom, 2 bath townhomes. The building's LEED Gold certified and features great views of downtown Nashville. Although many may consider the building's location a bit on the edge of things, the units look beautifully finished inside and out with the modern, chic aesthetic urban dwellers crave.
The auction's set for 1 PM on November 5th at the Sheraton Downtown in Nashville. The units are available for preview 11:30-6 PM Monday through Saturday, and 12-5 PM on Sundays.
For the official website of Fifth and Main, click here.