The once-troubled 5th & Main condominiums in East Nashville are once again on the Federal Housing Administration's nice list.

Owners ACG Equities announced Tuesday that the project is again approved for financing from the FHA. That approval was pulled in March 2010. ACG's David Lang pointed to the auction as the catalyst for increased activity at the project.

"The auction gave us a surge of sales momentum that has not dissipated. Many potential buyers have expressed interest in Fifth and Main’s FHA approval, and we anticipate another sales spike on the heels of this announcement," he said.

From the Nov. 5 auction to present, a total of 64 home sales have closed or been placed under contract.

Since ACG took over, the development has added two restaurants, the recently-opened Germantown Café East and Myridia, which is coming soon. Contract negotiations are still underway with other potential retail tenants.

On the heels of 5th & Main's relaunch, Atlanta sales and marketing firm The Marketing Directors have picked up a new condo client on the other side of town at Belle Meade Court, built by Tony Giarratana and then sold in October 2010 to avoid foreclosure.

Belle Meade Court, now owned by AG/KRE Belle Meade LLC, consists of 65 homes. The Marketing Directors has been engaged to sell out the 26 remaining homes of five townhomes and 21 flats, with prices ranging from $289,900 to $562,900.