The Galleries at Pendleton, the condominium project at that was called "dead in the water" a year ago due to the poor economy, is back on the market and on its way to being completed.

Once listed by Sibcy Cline Realtors for between $169,900 and $279,900, the six units are now listed with Comey & Shepherd Realtors as single-family townhomes for between $165,900 and $199,900.

Originally envisioned by Gary Mark Custom Homes as a two-phased project of 17 townhomes on Dandridge, Pendleton, and Spring streets, there is little indication that the remainder of the development will be completed.

Cincinnati Development Fund (CDF) executive director Jeanne Golliher, whose non-profit lending institution provided loan financing for the project, said that they had to foreclose on the properties due to the developer's financial problems.

A sheriff's sale last November had no takers.

"CDF provided attractive financing terms -- 100 percent, 5 percent fixed-rate financing -- as an incentive for a builder to complete the project, as we felt it was critical to the neighborhood to make sure this story has a happy ending," Golliher says.

Chris Lacey, project manager for the Lofts at Fountain Square, purchased the properties at a second sheriff's sale on January 31.

CDF is providing the construction loan, and Spring Valley Bank provided the purchase loan.

David White, president of the --> --> -->, thinks that the local market is strong enough for these single-family units to move.

"Just recently, three single-family homes sold just around the corner on Spring Street," he says. "I know of another single-family home on Broadway where the sale is pending, and I hear folks inquiring about homes -- single-family or otherwise -- all the time."

White believes that the influx of new construction is important for Pendleton to attract more homeowners.

"While I live in the area because of the amazing historic architecture, among many other reasons, some people want to live here for that same reason, but they don't necessarily want to live in an old building," he says. "My main concern with any new construction is that it is well built, fits within the context of the street and neighborhood, and that it offers a range of price points to attract different buyers."

Previous reading on BC:
Death on Dandridge (7/10/08)
Galleries at Pendleton photo update, 2/16/08 (2/22/08)
Photo update: The Galleries at Pendleton (8/31/07)