Business

Bank takes possession of High Street condo

Central Bank & Trust Co. got court approval Friday to take possession of the unfinished The Mark Lofts on East High Street to protect the building from winter weather damage.

A Fayette Circuit Court judge gave the Lexington bank limited possession of the building so it can cover or finish construction of the exterior of the building to protect the bank's investment.

Central Bank spokesman Steve Kelly said the bank could not comment on its plans because of its lawsuit against The Mark's developers, Tribecca Development Co. LLC.

Tribecca's attorney, Joe Childers, said the developers agreed to the bank's request for possession, but he declined to comment further.

Central moved to foreclose on the retail/condominium project after the developers apparently ran out of money and halted construction on July 10, when the building was 75 percent to 80 percent complete.

Most of the exterior brick and vinyl siding appears to be complete, but some framing materials that can be damaged by wet weather can be seen in some places on the building.

About 20 contractors have filed liens against the property, claiming that they were not paid for labor or materials.

In the lawsuit filed Sept. 16, Central asks the court to order the sale of the property, saying that Tribecca had defaulted on $8.2 million in loans.

The Mark was expected to have 36 loft apartments that would sell for $227,000 to $540,000 to a target market that included young professionals and University of Kentucky faculty members.

The first floor was retail space that was to include a fitness center and other businesses.

It is not clear when the building might be sold or what its ultimate use will be.

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