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Thursday, June 13, 2024

Would-be condo building for sale

Stadium Club, the partially constructed luxury condominium building on University Avenue across from Ben Hill Griffin Stadium, will be auctioned today.

The building is one of seven foreclosures for sale at an auction at 11 a.m. in the lobby of the Alachua County Courthouse.

The .24-acre lot at 1802 W. University Ave. was purchased for $2.1 million in February 2007, according to Alachua County Property Appraiser’s records.

The project was to include 24 luxury condominiums, eight stories tall. The first floor would have had retail stores.

Vesta Equity LLC, an investment fund based in Sarasota, bought the remaining loan on the building in February 2009.

According to county records, $2.6 million is owed to Vesta Equity. Irwin Contracting is owed $200,000.

George Kruse, managing director of Vesta Equity, said there isn’t much information about the auction.

He said he hasn’t received any calls about bids. “Nobody shows their cards ahead of time,” he said, adding that he expects the auction to take no more than ten minutes.

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