The Northshore, an assisted living community at 939 Beach Drive NE in St Petersburg was a desirable “cruise ship on land” that was sold to be converted into condominiums. I know it was desirable because my mother lived there. The residents were ousted, and construction began on Overvue, 72 condo residences, some with wonderful water views. Alas, none of them had balconies. Then …
The economy hit, and hit hard. Overvue wasn’t able to sell enough condos to complete the project.
Its neighbor, Westminster Communities of Florida, at 830 Northshore Drive NE in St Petersburg, recently bought the building from the bankruptcy court for $9 million. Westminster will convert the high-rise back to retirement living, with 135 apartments for active seniors. The $15 million of revenue bonds will finance both the purchase and the renovations. It’s expected to be ready for occupancy by the beginning of 2010.
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