Westminster Palms, a retirement community in downtown St. Petersburg, has purchased a nearby building and plans to renovate it, adding 135 apartments for active seniors over 62. The building was a condominium development project known as Overvue and was never completed as the developer went into bankruptcy. The building was purchased through the bankruptcy proceedings of the developer of the condominium project. The project is being financed with a $15 million revenue bond issue, sold through the City of St. Petersburg Health Facilities Authority. Westminster Palms, located next door., bought the nearby high-rise for $9 million and will use the remaining proceeds of the bond issue for renovations. The renovations on the building are expected to be completed at the end of 2009 for occupancy in the beginning of 2010. Fitch Ratings has assigned an AA-/F1+ investment grade rating to the bonds.
