Projo Biz Blog

Since it opened for occupancy last September, just five condominiums at Intercontinental Real Estate Corp.'s Waterplace towers in Providence have been sold, but 70 more have been leased, many by people who have exercised a rent-to-own option.

Paul J. Nasser, chief financial officer and chief operating officer at Intercontinental, said no price cuts have been considered at the 193-unit Waterplace project. He said owners and renters are living in both the 17-story and 19-story towers. Prices at Waterplace range from about $400,000 to $1.8 million.

Ralph V. Izzi Jr., spokesman for The Procaccianti Group, developers of the Residences at the Westin, said that the 103-unit project is about 60 percent occupied with owners and renters.

For more on how the condominium market in Rhode Island fared in 2008, see the upcoming story in Sunday's ProjoHomes section.

By Christine Dunn

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