Sixty days from now, pending no surprise, Louisville-based family-owned development company Underhill Associates will become the new owners of a 14-story, high-end condominium complex.
Underhill Associates signed a contract Monday, giving the company the sole right to buy the property following 60 days of due diligence. Regency Tower is located at 6600 Seminary Woods Place off Brownsboro Road.
“We think it could be the pre-eminent place to live in town,” said Colin Underhill, a partner at Underhill Associates.
Regency Tower was foreclosed upon in 2013, and earlier this year, the U.S. District Court for the Western District of Kentucky appointed Louisville-based real estate business NTS Development Company to market the property for sale. After giving more than 20 tours of the property, NTS received three final bids for purchase.
Underhill Associates was the winning bidder after it offered to pay $9.025 million for the upscale condominium. It will acquire 111,000 square feet in the 160,000-sqaure-foot building; the remaining 49,000 square feet are condominiums that people already had purchased prior to the foreclosure.
The estimated cost of renovations are unknown, Underhill said, adding that the company will be calculating those figures during the due-diligence period. The renovations will include building out the condos, which are currently shells, finishing the common areas, and updating previously complete sections of the building.
“We don’t have specific plans yet,” he said.
When asked why he thought the complex went into foreclosure, Underhill said: “I don’t think there was anything wrong with the building and development. Unfortunately, it was a luxury condominium that was released into the market at the wrong time.”
The country and city still were recovering from the recession when Regency Tower condos began to hit the market.
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.
“We are very excited about the opportunity and very excited about the project,” Underhill said.