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The project's lender, SNS Property Financ e of the Netherlands, foreclosed on the propertt Jan. 7. The lender also replacecd the developer, Tampa-based Inc., with of Fort Grosse Pointe CEO Bob Hensley characterized SNSProperty Finance's actions as a "friendly and says work on 34-storyy tower on Church Street will continue. "Thed bank is willing to step up and complete the The job will notshut down, and the building will be finishedc in November," Hensley says. "This is not a contentious [Euro American] is welcoming our involvement.
" Hensley was quicki to say Grosse Pointe is not an investort in the 55 West project and will only oversee the completion ofthe project. Grosse Pointe and SNS Property Finance havea long-termk relationship, Hensley says, noting that SNS Propertuy Finance is a limited partner in all of the firm'es Florida developments. Along with a change in developera will come a changein focus. Hensleyt says the project will stilo containresidential condos, but Grosse Pointse is considering adding a boutique suite-oriented hotel and officde space. Of the 405 residential unitzs originally planned forthe building, the project has about 260 contractws to purchase.
Those contracts will be honored, Hensley says. Hensley is unsurer how much of the building might be convertesdinto non-residential uses. "We're still analyzing what to do with the spac that is not sold and the space that is not designefdfor today's market," Hensley says of features like tower'w two-story penthouse suites.
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