Notices are posted on the doors of the former Tryon Federal Bank property in downtown Tryon announcing foreclosure hearings set for May 10. The three buildings that make up the property, which are owned by McCray Smith, have been empty for years. Smith, who operates the development company Cray Inc., originally purchased the Tryon Federal buildings with the idea of redeveloping the property as a multi-use facility. Ideas considered included retail shops, offices, a restaurant and a jazz club in the basement and apartments or condos on the second floor. The property was included in an auction of McCray Smith holdings held in July 2008. The auction company initially sought bids of more than $700,000, but stopped seeking them after none were received even as low as $400,000. According to county tax records, Smith bought the property from Tryon Federal Bank for $350,000 in 2005. More recently, a planned purchase and multi-use development of the property by Tryon House fell through in November 2010.