it’s been called the gateway to east nashville. 5th & main condos has struggled to get off the ground since it was built in 2008. initially plagued by its ill-fated relationship with wachovia, the original owners defaulted on their construction loans and were sent into foreclosure. the development was purchased earlier this year with hopes of a new start.
with only 6 under contract since the new owners brought the sales team back on site in late spring, they are now going to auction off 25 units in an effort to “let the consumers set the market price” david lang said this week, a principal with chicago-based acg equities who is the current owner. minimum bids will begin at $95k for the smallest one bedroom units. of course, financing can’t be approved for the development until almost a third of the units are contracted which might be even more of an incentive for the owners to auction off 25 to reach that goal. only 9 of the 129 units closed originally.
the auction is set for november 5. lang stated that if there was enough momentum, they would roll out an additional 25 units for auction as well.