Connecticut Pointe Apartments up for sealed bid auction

An unfinished apartment complex in Joplin is going on the auction block soon.

JOPLIN, Mo. - If you've ever wanted to get into the apartment complex development business, you'll have your chance soon. That's because the Connecticut Pointe Apartments will be available to the highest bidder during a sealed bid auction. Michael Fine says it's a developer's dream.
"Most of the risk of development is at the beginning of development, and getting approvals to build and starting the project. Here, you have a project that's well underway. So it's just a matter of coming in and finishing it," said Michael Fine, Fine & Company.
Fine says construction on the the building site stopped six months ago when the Arkansas based developer went out of business.
"A club house and nine apartment buildings that range in various stages of completion, to virtually ready to finish without carpentry and hardware. They've already been painted and need carpeting. To the other end of the spectrum is that we have one pad site left, every other building is at least fully dried in and ready for final construction," Fine explained.
Local realtors say the property has a lot going for it, including location just down the street from the future site of the new Joplin library.
"It's an unfortunate situation that we weren't able to get it completed or the community, but I think once it's done, it will be a tremendous asset for Joplin," said Gil Stevens, Keller Williams Commercial.
"It's extraordinarily attractive because the multi-family market for rental properties for purchasing them is really white hot right now across the country. So developers are looking to build as quickly as they can, this project is three fourths done already, so you can really get a jump on your competition," said Fine. 
Sealed bids for the project must be received by no later that 2 p.m. on November 12th.

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