Mecklenburg Times: News for Mecklenburg, Union and Iredell counties Real Estate, Development, Construction, and Community News in the Charlotte area and throughout Mecklenburg, Union and Iredell counties
The Vue, a struggling Uptown condo project at which sales have been sluggish, is headed for a June 12 foreclosure auction.
The auction comes on the heels of Northwood Investors, a New York real estate investment company, last month starting foreclosure proceedings against The Vue North Carolina LLC and developer Dan McLean.
The 408-unit, 51-story luxury-condo project at the intersection of Fifth and Pine streets has been beset with challenges since opening in 2010.
For one, only about 20 condos have sold.
Also, some would-be buyers have walked away from the project – and their deposits. Others have sued to get deposits back.
The foreclosure auction comes nearly two years after a September 2010 grand opening, complete with sushi and a jazz band.
On Tuesday, the website for the development was still active, but many of its pages were no longer accessible, and the only thing on the homepage was an image of Charlotte’s skyline at night.
The Vue’s name stood for “vertical urban experience,” project architect Chris Cedergreen once said.
