September 17, 2007

Waterplace Condos – Dorms or Apartments?

Filed under: New Construction,Providence Real Estate,Rumor Mill — Joshua A. Golden @ 4:42 pm

Waterplace was billed to be an exciting condo project in the quickly growing Downtown Providence(Downcity).  With the Providence condo market slowing and a lack of lenders willing to give jumbo loans on new condo projects, Waterplace has been faced with an interesting dilemma.  Turn the building into an all rental project OR, now this is just a rumor, sell the building to a local University for dorm usage.  Let’s say, Brown U perhaps, who is buying the entire downtown area along with Johnson and Whales.  This professional real estate person is putting his money with apartment conversion or an all out sale to a local University, and why not, we all know colleges do not pay property taxes due to the fact they bring in so much revenue to local businesses.  We shall see what happens.

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