SoBro property once planned as the home of a 25-story condo tower sold at a foreclosure auction for a fraction of the purchase price.
Knoxville's Clayton Bank and Trust bought the tract at Third Avenue South and Peabody Street for $2.5 million Monday. The bank loaned SoBro Investments – a joint venture between Sonny Belew and Mark Lineberry – $4.2 million in the early summer of 2007 to buy the site, valued then at $3.5 million.
Plans had called for the SoBro to rise 25 stories and feature first-floor restaurant and retail space.
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