Plaza Square apartments, a major distressed complex located in downtown St. Louis, is finally scheduled for a foreclosure sale. Urban Developers LLC (UDL), owner of five of the six Plaza Square buildings, initially filed for bankruptcy in 2007.

Judge Charles Rendlen, however, decided to lift the stay against foreclosure, allowing the complex to be sold on the courthouse steps. The sale date and details: July 28 at noon in front of the Civil Courts building. That is in the very near future.

Natixis Real Estate Capital Inc. is noted as Urban Developer’s lender in the bankruptcy proceedings.

Attorney for the troubled UDL stated in 2007 that the company had experienced setbacks to its business operations that disabled the company from paying its obligations to Natixis.. UDL did not have enough to service its Nexitis loan and pay for needed maintenance and improvements.

In initial 2007 bankruptcy proceedings, UDL owed around $21 million to its lender. UDL purchased the property for $22 million in 2004. Maintenance issues ensued including the forced shut down of its elevators, which failed to pass inspection. Tenants starting moving out.

Chicago developer Steve Anrod owns the remaining Plaza Square building, which he converted into condos that start as low as $64,900. He renamed his building Blu Cityscapes.

The apartments appear to be prime property for someone interested in a fixer-upper that may be worth substantially more after repairs. Plaza Square has 936 units in its five buildings, sits on four acres and is bordered by Chestnut, Olive, 15th and 17th Streets.

If you’re interested in commercial real estate in a prime location, you might want to consider Plaza Square.