Downtown high-rise in foreclosure
by Daniel Gaddy
dgaddy@annistonstar.com
Dec 10, 2012 | 7807 views |  0 comments | 42 42 recommendations | email to a friend | print
Commerce Tower, the 11-story building at Noble Street and Alabama 202, is in foreclosure, (Photo by Bill Wilson/The Anniston Star)
Commerce Tower, the 11-story building at Noble Street and Alabama 202, is in foreclosure, (Photo by Bill Wilson/The Anniston Star)
slideshow
One of Anniston’s most prominent office buildings, the Commerce Tower, is in foreclosure.

According to a legal notice published Saturday, the building’s owner, Commerce Tower LLC, recently defaulted on a loan from Regions Bank. An attorney representing Regions said that was still the case Monday afternoon.

The property is set to be auctioned off on Jan. 7 at the Calhoun County Courthouse.

Corporate records from the Secretary of State’s office link Commerce Tower to Anniston eye doctor Kent Keys, who purchased the building along with James Lloyd in 1999.

The Star’s efforts to reach Keys on Monday were unsuccessful. Lloyd, who now manages the leasing of the tower, said he was unaware of the foreclosure.

In an interview with The Star last week, Lloyd described the local market for downtown office space as “terrible.”

Lloyd said that since the county office of the state Department of Human Resources moved from the Commerce Tower earlier this fall, eight of the building’s 11 floors have been left vacant.

Lloyd, who also manages the property for the Watermark Tower two blocks north, said the problems in the downtown market are similar to real estate markets throughout the nation, with a glut of properties and few interested buyers.

The Commerce Tower was built in 1990 and originally named the Williamson Commerce Center, after Anniston businessman Joe Williamson, president of Williamson Oil Co.

Assistant Metro Editor Daniel Gaddy: 256-235-3562. On Twitter @DGaddy_Star.

Comments must be made through Facebook
No personal attacks
No name-calling
No offensive language
Comments must stay on topic
No infringement of copyrighted material


Friends to Follow


Today's Events

event calendar

post a new event

Thursday, April 24, 2014

Marketplace