The O’Connell Development Group undertook the job of selling out the existing inventory of an upscale retirement condominium under the stigma of foreclosure by the FDIC and in the face of fierce competition by two facilities operating within five miles of the project.
The company achieved success through several key steps. The project was repositioned as a financially viable, upscale senior living community and current residents were involved in the sales process. In Phase I, the existing inventory of 40 independent condominium units were sold after development began in August 1993. Phase II saw the construction and sale of 27 new, independent condominium units and the construction and fill of a 14-unit assisted living wing. Phase III, consisting of 68 new assisted living units to be built on behalf of a third-party sponsor, was completed in 2000.