WESTBROOK — A symbol of the city’s renaissance is headed to the auction block.

U.S. National Bank Association is moving to auction One Riverfront Plaza on Feb. 1, according to a foreclose notice filed Jan. 4 at the Cumberland County Registry of Deeds.

The foreclosure came a day after the expiration of a receivership order allowing Portland-based CBRE/The Boulos Co. to commercially market the Bridge Street building now primarily owned by Pendleton Westbrook LLC.

On Tuesday, Mayor Mike Sanphy declined to comment on the foreclosure, saying he was not involved in those dealings. City Administrator Jerre Bryant did not return phone calls Wednesday seeking comment.

Foreclosure and suit documents list four additional entities as part owners, all part of New Jersey-based Roebling Investments.

The 134,000-square-foot, six-story brick building has been vacant since insurers Disability RMS moved to South Portland in November 2015. Disability RMS had occupied a large portion of the building, built in 2004.

One Riverfront Plaza has been the subject of a legal battle since last summer, when U.S. National Bank sued the owners, claiming they failed to pay the balance of a $20 million promisory note due Dec. 11, 2015. Court records show the suit was initially filed July 12, 2016, in Cumberland County Superior Court in Portland.

In August 2016, the suit was shifted to the U.S. District Court in Portland. Magistrate John Nivison approved the receivership order Nov. 17, 2016.

The $20 million note was issued Nov. 21, 2005. Court documents indicate plaintiffs sought more than $18 million in to pay it off while an appraisal determined the One Riverfront Plaza’s value to be $10.5 million.

The city has valued the building, on 0.85 acres, with some Presumpscot River frontage, at $20.55 million, according to city tax records. Those records also show Pendleton Westbrook bought One Riverfront Plaza for $23.5 million in 2005.

Following the departure of Disability RMS, ownership hoped to lure Maine Medical Center as tenants in administrative offices that would have occupied the entire building. The deal did not come to fruition.

In an Oct. 6, 2016, response to the federal lawsuit, Peter Hanson, a New Jersey-based agent for the defendants, said owners expected Fairpoint Communications to lease more than 86,000 square feet of space for 10 years and provided a letter of intent from the Fairpoint.

Hanson said the Fairpoint lease would allow owners to refinance the mortgage while increasing the building’s value. The letter of intent said Fairpoint expected to move in July 1.

One Riverfront Plaza was sold by builder Tim Flannery to its present owners about a year after it opened. At the time, Flannery said he had not sought to sell the building, but received an offer that made sense to accept.

As One Riverfront Plaza was built, the city also built an adjacent parking garage which remains municipally owned. The city also established a tax increment finance zone that returned all property taxes up to $300,000 to the building’s owners.

The building at the foot of Saccarappa Falls is seen as an important factor in downtown Westbrook’s economy. Before Disability RMS exited, the company’s 350 employees could be spotted daily on the riverwalk and at downtown restaurants.

Commercial interest in the restored Dan Warp Mill across Bridge Street has remained strong.

David Harry can be reached at 781-3661 ext. 110 or dharry@theforecaster.net. Follow him on Twitter: @DavidHarry8.

One Riverfront Plaza in Westbrook is now in foreclosure and will be auctioned. The building has been vacant for more than a year.

One Riverfront Plaza has been the subject of a legal battle since last summer.

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