One hundred and sixty-five (165) unsold luxury condos and close to 8,000 square feet of ground-floor retail space at The Vue, Downtown Orlando sold at an auction today for $25.9 million. The top bidder, Condo Developers LLC, a Delware-based corporation, beat out nine others, including the $21 million that was offered by the Tavistock Group, an Orlando-based investment and development organization.
Based on the 165 condominiums, Condo Developers paid $156,970 per unit in the 36-story building which once had condos priced at $300,000 and more.
According to Orlando Business Journal, in November 2009, The Vue’s creditors had their involuntary Chapter 7 liquidation status converted to a Chapter 11 reorganization. The Vue Orlando owes $53 million through a single mortgage note shared by Sovereign Bank, Comerica Bank, Mega International Commercial Bank Co. Inc., Charter One Bank NA, Great American Insurance Co. and Great American Financial Resources Inc., Orlando Business Journal reported.
On March 31st, a hearing is set to approve the sale, which if approved should close one month later, Orlando Business Journal is reporting.
