The property many locals refer to as the “Big Dig” will again come up for auction next month, however this time, ownership will for sure change hands as the auction is absolute.
The property is located on the east side of the KY 32 connector and Flemingsburg Road.
The absolute auction will be held Thursday, July 11, at 11 a.m., at the Hampton Inn of Morehead.
The auction will be in two tracts, with 60 acres known as the Center Park Development (“Big Dig”) and an additional 180 acres surrounding the property known as the Dixie Moore Trust property.
“Located one mile from I-64 and downtown Morehead, this property has unlimited potential and is zoned B-2,” said Mark Lewis, with the C. Roger Lewis Agency helping auction the property. “Land for sale on the direct route to Morehead is extremely difficult to find, much less acreage of this size. Commercial development in and around Morehead is booming and this is a unique opportunity to bid and buy at your price.”
Lewis said the property is also designated an “opportunity zone,” which gives certain investments preferential tax treatment.
Excavation of the acreage stopped in 2009 when the original developers said they ran out of funding.
Lewis said it was just a bad time with the recession, fuel prices going sky high, and just a general bad economy.
To be named Center Point, the development was conceived to include commercial buildings and upscale housing between Flemingsburg Road and the boundary of the Daniel Boone National Forest on the ridgetop.
Community Trust Bank of Pikeville, one of Kentucky’s largest commercial banks, bought the property in a bankruptcy sale to protect its investment of several millions of dollars in defaulted loans by the original developers.
In November 2010, Community Trust attempted to sell the property with an asking price of $3.3 million.
Thirty months later, the 60 acres of unfinished excavation went on an online auction block with a minimum bid of $1.2 million with no winner.
The tracts will not be grouped as they are being put up by different owners.
For auction terms, photos and drove video, visit moreheadauctions.com.
Brad Stacy can be reached at email@example.com or by telephone at 784-4116.