Underhill Associates has finalized its purchase of the 14-story, high-end condo Regency Tower and will begin selling units next month.
The Louisville-based, family-owned development company will rename the tower “The George,” remodel and redecorate the building, including common areas, and complete model units shortly after opening its sales center in October.
About 30 percent of the building’s 63 units have been sold. Regency Tower, at 6600 Seminary Woods Place off Brownsboro Road, was foreclosed upon in 2013. A court appointed the Louisville-based NTS Development Center to market the property. Underhill submitted the winning bid of just over $9 million to acquire the 111,000 square feet of the 160,000-square-foot property that had not already been sold.
The company could not be reached immediately to provide information about how much the units will cost.
Each unit has a balcony, and the building offers underground parking, a pool and a climate-controlled wine cellar. Underhill will market the units to baby boomers and empty-nesters.
Colin Underhill, principal of Underhill Associates, said the building suffered because of the real estate crash in 2008, but he sees a good market for luxury condos in Louisville.
“There is strong demand and a relatively small supply with this building so we are looking forward to getting started,” Underhill said.
Regency Tower will be the latest in a slate of projects from Underhill Associates. The company is well known for its development of the shopping center Westport Village, which recently sold, and for the Germantown Mill Lofts and Heritage Green apartment projects.