"We feel it's a really strong location, and we like the factthat this was all already approved through the city," Anthony RossiSr., managing member of M&R, tells GlobeSt.com. "The plans werevery good. As a condo, it was a little on the smaller side, butit's right on the sweet spot for an upper-end rental."

Lennar decided to sell its way out of the project after thecondo market turned so sharply, Rossi says. "The whole condominiummarket changed on them," Rossi says. "Lennar is a large companythat has other corporate considerations, and they have to consideron a national basis what their total sold units are. Lennar, likeany major condo developer and builder, is retrenching and trying tocoin up the balance sheet, and didn't want to jump into more newproduct."

Despite switching the building to rental units, M&R willmaintain the higher-end condo finishes, and actually upgraded someof the amenities, Rossi says. "It's only 221 units, which I likebecause it's something you can get your hands around," Rossi says."It's not a monster 600-unit building, where you have to have astrong market to lease it up. We think this is going to do verywell and that 221 units will move pretty fast."