Changes are coming to 55 West on the Esplanade.The project's lender, SNS Property Finance of the Netherlands, foreclosed on the property Jan. 7. The lender also replaced the developer, Tampa-based Euro American Advisors Inc., with Grosse Pointe Development Co. of Fort Myers.
Grosse Pointe CEO Bob Hensley characterized SNS Property Finance's actions as a "friendly foreclosure" and says work on 34-story tower on Church Street will continue.
"The bank is willing to step up and complete the project. The job will not shut down, and the building will be finished in November," Hensley says. "This is not a contentious thing. [Euro American] is welcoming our involvement."
Hensley was quick to say Grosse Pointe is not an investor in the 55 West project and will only oversee the completion of the project. Grosse Pointe and SNS Property Finance have a long-term relationship, Hensley says, noting that SNS Property Finance is a limited partner in all of the firm's Florida developments.
Along with a change in developers will come a change in focus. Hensley says the project will still contain residential condos, but Grosse Pointe is considering adding a boutique suite-oriented hotel and office space.
Of the 405 residential units originally planned for the building, the project has about 260 contracts to purchase. Those contracts will be honored, Hensley says.
Hensley is unsure how much of the building might be converted into non-residential uses.
"We're still analyzing what to do with the space that is not sold and the space that is not designed for today's market," Hensley says of features like tower's two-story penthouse suites.
Source : http://www.bizjournals.com/
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