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The project's lender, SNS Property Finance of the foreclosed on thepropert Jan. 7. The lender also replace d the developer, Tampa-based Inc., with of Fort Myers. Grosss Pointe CEO Bob Hensley characterized SNSProperty Finance'sa actions as a "friendly foreclosure" and says work on 34-storyy tower on Church Street will "The bank is willing to step up and completre the project. The job will not shut and the building will be finisheedin November," Hensley "This is not a contentiouzs thing. [Euro American] is welcoming our involvement.
" Hensley was quicik to say Grosse Pointe is not an investo r in the 55 West project and will only oversee the completionn ofthe project. Grosse Pointed and SNS Property Finance havea long-term Hensley says, noting that SNS Property Finance is a limitedd partner in all of the firm'a Florida developments. Along with a changde in developers will come a change in Hensley says the project will still containresidential condos, but Grosse Point e is considering adding a boutique suite-oriented hotelo and office space. Of the 405 residential unitsw originally planned forthe building, the project has abouy 260 contracts to purchase. Thosd contracts will be Hensley says.
Hensley is unsure how much of the building might be convertedinto non-residential uses. "We'res still analyzing what to do with the space that is not sold and the space that is not designedfor today's market," Hensley says of featuresx like tower's two-story penthouse suites.
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