PROVIDENCE – The 903 Residences will go on the block in a foreclosure auction after all to fulfill a legal requirement, Providence Business News has confirmed.
Winn Development Co., a Boston developer, and Providence-based Paolino Properties L.P. had announced in December that they would purchase the condominium complex near the Providence Place mall and stop a scheduled foreclosure auction.
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However, Larry Curtis, Winn Development’s president and managing partner, said Friday the foreclosure process must still take place next month because of a legal technicality. But he insisted his company ultimately would take ownership of the building.
In December, Winn purchased an outstanding note on the property for $17 million. Winn said that because the original note holder – The Athena Group LLC of New York – had essentially walked away from the property and stopped paying, Winn now needed to foreclose on the note.
“This is more of an administrative aspect,” Curtis said.
Although another developer could bid for the note during the Feb. 26 auction, Curtis said that appeared unlikely in the sagging real estate market. However, if someone does outbid Winn by a sizable margin, Curtis said the company would accept the bid and its accompanying profit.
Built in 2004, The 903 contains 330 condos, of which 233 remain unsold. Winn plans to purchase those units as well as a roughly 447 parking spaces in the 584-space parking garage.
Many of the unsold units are currently being rented for an average of $1,330 a month, according to CB Richard Ellis-New England, which had been retained to market the property ahead of the action cancelled in December. Winn Development plans to continue renting some units until the condo market recovers, Curtis said.
The condos sell for $187,900 to $462,900, according to the building’s Web site. Billed as a luxury residence, condos at The 903 offer granite countertops, stainless steel appliances, 9-foot high ceilings, and in some cases, private balconies, spiral staircases and hardwood floors.
Winn Development says it has 30 years of experience in development ventures valued in excess of $1.5 billion. It has developed the Millennium Bostonian Hotel in Boston, One Brookline Place in Brookline, Mass., and Nazing Court in Boston, among other projects. Other divisions of the company have worked on housing and commercial projects around the country.
