Overvue condominiums near downtown St Petersburg Florida never made it to completion, so the once assisted living community of Northshore is about to reture as retirement apartments. Westminster Communities, which currently has 3 retirement communities in St Petersburg, including one, Westminster Palms, just a block away from this, has purchased the high-rise building through the bankruptcy court for $9 million.
Westminster Communities has issued bonds for $15 million, which will cover both the initial purchase and the renovations. They plan 135 retirement apartments - a higher density than the 72 condominium units planned by Overvue.
The building at the lower right of the photo is already owned by Westminster so it's a very appropriate location for expansion.
Occupancy is scheduled for the beginning of 2010.
Sharon, it's good to see failed condominium projects return as something else. What happened to the people who had contracts to buy condos?
Pat - I'm assuming that they had their deposits returned. I didn't represent any of the buyers with contracts there, so I can only assume.