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Perkins Rowe auction date set for March

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BATON ROUGE, La. (AP) — The foreclosure auction of the mixed-use Perkins Rowe development is scheduled for March 20 at the U.S. District Courthouse in Baton Rouge.

In court filings on Monday, U.S. Marshal Kevin Harrison said the minimum bid must be at least $63.5 million.

The Advocate reports (http://bit.ly/YzUwtV ) KeyBank National Association, an Ohio lender based in Cleveland, filed its foreclosure action in July 2009. Bank officials said at that time that the lender had not received any payments on $170 million in construction loans from either developer J.T. Spinosa or his three Perkins Rowe firms since October 2008.

Perkins Rowe has 87 condominiums, 226 apartments, more than 60 shops and restaurants, a bookstore, grocery store, fitness center, a movie complex and a pharmacy.

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Information from: The Advocate, http://theadvocate.com

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