Old Del Frisco’s, etc. property

According to a summary of the St. Matthews city council minutes from last night, the owners of Kaden Towers has purchased the property where the roof collapse on Del Frisco’s, Charim, etc. They intended mixed use retail/apartments. Finally something!

[Robin Garr]

I was over looking at it recently, and the portion on the Charim/Half Peach End is basically destroyed. The walls stand, but the roof has basically fallen in to the retail space. If I could bet on it, I'd bet that they tear the building down and build something new. I'd also love to know the selling price. It can't be much more than the value of the land under it ... but that might be fairly substantial in that location.

the owners of Kaden Towers has purchased the property

As of tonight that sale has not been closed. At least according to the County Clerk real estate transfer site.

I know originally they were asking $2.5 million for it but that seemed excessively high but I don't believe there's actually that much land associated with the building.

No, there's not that much land! I think the footprint would need to basically stay the same. I wonder if the parking lot behind it is all for Miraflores, or part was for the Gallerias? No wonder it's taking awhile! Would they want to buy and tear down the real estate building behind it? I think parking would be a nightmare for too many units if they couldn't use the OSB and Miraflores parking lots. In general, the idea of a retail/apartment building is good though-- I have a friend who lives in the Sherwood Apts. on Dupont Circle, and he really likes that setup.

[Robin Garr]

I was wondering about that. The building at the back, along Sears Avenue, is also part of the Mariposa Center, and I figured it was all under the same management. I hope Half Peach doesn't have to move again!

This real-estate offering doesn't mention building condition.

https://www.commercialexchange.com/prop ... e-ky-40207

I'd also love to know the selling price. It can't be much more than the value of the land under it ... but that might be fairly substantial in that location.

Ask and ye shall receive... By way of background, such information is normally considered confidential until the transaction has closed. It is not, in this instance, "because: reasons." In Kentucky, the recorded deed has to contain a consideration certificate which certifies the price paid, so if you bought a house ten years ago, anyone can go to the County Clerk's website and pull a copy of the deed and figure out what you paid for it.

Here, the scofflaws who owned the building and allowed it to fall into disrepair (the heirs of the patriarch/matriarch of a family, I think there are five or six of them) filed a bankruptcy petition on behalf of the entity that owns the building. I do not know, but can only assume that the mortgage against the building exceeds its present value, not to mention the potential liability it has as a result of the lawsuits filed on behalf of several of the former tenants. Anyway, they have to get approval from the bankruptcy court to be able to sell it. A copy of the purchase and sale agreement was filed in connection with the motion seeking that approval, so it is now publicly available via the federal courts. You are correct that a Kaden entity is the prospective purchaser.

tl;dr: The contract price is $1,750,000. I'm glad to send a copy of the contract to anyone who wants it and doesn't have a PACER account. PVA says it's 1.9327 acres. I'm guessing it would be worth more if it were a vacant lot which didn't need demolition work.

As an aside, I always liked how Havana Rumba and Charim were "hidden gems" off the main drag at this location--you had to specifically seek them out and someone just driving by the area was unlikely to find them, which I'm guessing wasn't good for walk-in business, but probably helped them with repeat business.

[Robin Garr]

Thanks for the detailed analysis, Nathaniel! I really appreciate it. No need for the documents as far as I'm concerned. Your summation is outstanding!

"The company said it plans to redevelop the two-acre property, which is in a high-traffic part of St. Matthews. The vision includes 23,000 square feet of ground-floor retail space, and a proposed second floor with 4,000 - 10,000 square feet of office or medical space. Construction is expected to begin before the end of 2021."


https://www.wdrb.com/news/business/loca ... 09963.html