IREIF IV has been used to fund two projects to date, both ground-ups. The first is a 10-story, 256,000-sf, 200-unit, luxury residential project in Quincy that is slated to open in the fourth quarter of 2005. A number of unions involved in the construction of the project are also Fund IV investors. The second project is a two-tower, mixed-use development in Providence, RI that will have approximately 200 residential condominium units as well as ground-floor retail in the complex.
Intercontinental has been involved in other recent transactions, recently trading the One Court St. Ames Building for $15 million to O'Callaghan Hotels, who will convert the office building into a boutique hotel. Intercontinental is also in the running for the 103,265-sf 95 Berkeley St. office building. A representative for the firm says that Intercontinental "is currently in negotiations, but nothing has been finalized yet."
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