Louisville-based real estate developers Underhill Associates already has buyers on the line for its new condominium building off Brownsboro Road and work to renovate the property has barely begun.
Underhill Associates bought the majority of a 14-story, 63-unit condominium out of foreclosure this year. The company bid just more than $9 million on the high-end property, at 6600 Seminary Woods Place, and took ownership of 111,000 square feet of the 160,000-square-foot property. The remaining 49,000-square-feet of condominiums was purchased before Regency Tower was foreclosed upon in 2013.
The company has renamed the property The George at 42 and will soon start renovations on the condominium’s outdated and unfinished common areas, including the outdoor pool deck, the lobby and the climate-controlled wine cellar.
“For us, this is not modern enough,” said Colin Underhill, a partner with Underhill Associates, in an interview. “It doesn’t lend itself to the vision of The George.”
He declined to comment on the possible cost of renovation, saying it is still fluid. The company’s investment in individual condominium renovations will depend on buyers’ preferences, he said, making it hard to pinpoint an accurate cost.
The former Regency Tower went into foreclosure because of the recession, and during that time, it was left unattended. The interior design grew old; deferred maintenance issues accrued; dirt and grime built up on the exterior; and no one could buy or sell any of the building’s condominiums.
“It’s been dangling on the vine since 2010,” Underhill said. “There is TLC this building needs.”
Underhill Associates was interested in the property, he said, because despite the outdated design and deferred maintenance, the building is solid, the location is prime and the curb appeal is excellent.
“This building is built nicer than any building of its type in this city. It was built, what I would call, the whole nine yards,” Underhill said. “We are coming in to take the vision that this project had back in the early 2000s and make it the premier residential living address in the city.”
Now that it is majority owner of The George, Underhill Associates will use money it has funneled into the homeowners’ association fund to complete unfinished spaces and fix up the building. Before the end of the year, Underhill expects the renovation of the common spaces to be started and completed.
In less than four weeks, six buyers have signed contracts with Underhill Associates for condominiums at The George, and the company is starting efforts to market the property. Come Dec. 1, it will have a designated sales office in the building to actively seek buyers.
The George has 40 condominiums of various sizes and layouts available for sale, according to its website. Most have two-to-three bedrooms and two- to two-and-a-half bathrooms. People can purchase a condominium as-is or renovated. Renovations will take anywhere from four to six months.
Each unit has a balcony, and the building offers underground parking, a pool, 24/7 concierge service, 24-hour security, a fitness center and storage units. Renovated condominiums feature finishes such as Delta faucets and shower fixtures; GE Monogram appliances; subway tiles backsplashes; Grade B granite countertops; electric fireplaces; Godfrey Hirst loop pile carpet; and painted or stained wood cabinets, the website states.
The lowest listed price is $388,102 for a finished 1,298-square-foot condominium and $331,500 for a 1,700-square-foot unfinished one. The 14th floor, 7,240-square-foot penthouse that offers a panoramic view is listed for $2.41 million renovated and $1.69 million unfinished. Monthly homeowners’ fees range from $415.36 to $2,136.80, depending on the condominium’s size and location within the building.
Underhill Associates is marketing the property to baby boomers and empty nesters as a luxury living experience with first-class amenities. The target buyer, Underhill said, is a 65-year-old who doesn’t want to care for a home anymore and isn’t concerned about money, but doesn’t want to move too far from where he or she was living.
He added that they expect to fill the 40 available units but noted that the building would have been less enticing with too many more than that because Louisville still has a limited market for the upper end of high-end development.
“I think there is a little niche for them,” he said.
Underhill Associates hopes to sell all its units in The George within three years, and at some point, it will look to hand off management of The George.
“This is not a long-term hold,” he said. “We want the homeowners to control this building.”