NJ waterfront condo conversion finished

from today's GlobeSt

Last updated: November 8, 2007 08:09am

$100M Condo Conversion Wraps Up
By Eric Peterson

"EDGEWATER, NJ-Savanna Partners has completed the construction phase of a $100-million project that has turned the Peninsula at City Place from a 201-unit apartment complex into a condo property. Originally built in 2003, the three-building property, which nets out to 218,000 sf, was acquired by the New York City-based Savanna in early 2006.

That acquisition, after multiple sale contracts with the original developer, a local group, fell through, launched a redevelopment that began in August 2006 with the 201 units themselves. The just-completed phase of the redevelopment included a makeover of all of the property’s common areas, including its three main lobbies and the residents’ lounge.

And Peninsula at City Place is currently 35% sold out, says Jamie Anthony, project and asset manager for Savanna Partners." ...

"Said to be the largest condo conversion to date along New Jersey’s Hudson River waterfront, the Peninsula is also Savanna Partners’ second in the region. Most of the company’s projects are in Manhattan and the previous New Jersey conversion was Zephyr Lofts in Jersey City."

for the complete story see:
http://www.globest.com/news/1031_1031/newjersey/1658
03-1.html