Chattanooga: Luxury condos face foreclosure

Chattanooga: Luxury condos face foreclosure

February 26th, 2009 by Jason Reynolds in Local Regional News

A Chattanooga area developer is facing the foreclosure of at least a dozen unfinished condos near Hamilton Place mall, plus other properties around the city, records show.

A foreclosure sale has been set for 10 a.m. March 6 at the Hamilton County Courthouse for various properties owned by Michael A. Dowlen and two companies he operates, according to legal classified ads. The companies are Dowlen Construction LLC and Green Oaks LLC.

Mr. Dowlen said he could not comment for this story.

At least a dozen condos at The Palms are included in the sale. The Palms, at the 1500 block of North Concorde Road, are billed by an onsite sales sign as luxury condos. The sign says the property is marketed by Palm Properties.

C. Chad Young is serving as trustee for Northwest Georgia Bank, which holds the notes on the properties facing foreclosure.

"The entire development of The Palms is involved," Mr. Young said.

Staff Photo by D. Patrick Harding Construction at The Palms, a condo project on Concord Lane, has ceased as developer Dowlen Construction has foreclosed several other properties around town.

Staff Photo by D. Patrick Harding Construction at The...

Officials at Northwest Georgia Bank declined to comment.

The Palms was designed to have 89 units, according to building plans. Six partially completed buildings sit at The Palms, access to which is blocked by a mound of mulch. The property is visible from the northbound lanes of Interstate 75.

In addition to The Palms, the sale involves various properties at Jenkins Road, including the Channing Creek townhouse development, Mr. Young said. Mr. Dowlen is the developer of Channing Creek.

Two properties at Channing Creek are included in the foreclosure sale, according to legal ads. The other properties include six lots on Pine Street and two tracts on 16th Avenue.