CHATTANOOGA (WRCB) - The bank foreclosed on a property once meant to spur economic development along Martin Luther King, Junior Boulevard.

Three million dollars in funding, nearly a million dollars in tax incentives and more than a decade went into the Renaissance Square development property.

The money was a mixture of public and private funds.

Only four condos have been sold and none of the commercial space has ever been occupied

Regions Bank, which owns the loan to the building, is set to take over next month.