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EDGEWATER, NJ-Savanna Partners has completed the construction phase of a $100-million project that has turned the Peninsula at City Place from a 201-unit apartment complex into a condo property. Originally built in 2003, the three-building property, which nets out to 218,000 sf, was acquired by the New York City-based Savanna in early 2006.

That acquisition, after multiple sale contracts with the original developer, a local group, fell through, launched a redevelopment that began in August 2006 with the 201 units themselves. The just-completed phase of the redevelopment included a makeover of all of the property’s common areas, including its three main lobbies and the residents’ lounge.

And Peninsula at City Place is currently 35% sold out, says Jamie Anthony, project and asset manager for Savanna Partners. “We’re experiencing a steady flow of traffic from you first-time buyers, young couples and families, business professionals, and also from international buyers who want the New York lifestyle without paying New York prices. “Since the Peninsula is a condo conversion rather than new construction, closings are fast and move-ins are smooth with immediate occupancy available,” Anthony says.

The Peninsula provides parking for residents directly underneath its buildings, and the whole complex sits atop City Place, an upscale retail center with more than 30 shops, several restaurants and a spa and fitness center. Located at 19 the Promenade at Edgewater, the property sits on the Hudson River waterfront opposite Manhattan.

The project’s redevelopment was completed with the help of a construction loan, the amount not released, from Anglo Irish Bank. Sim Soon Construction carried out the construction phase, and the property’s brokerage is being handled by Core Group Marketing.

Said to be the largest condo conversion to date along New Jersey’s Hudson River waterfront, the Peninsula is also Savanna Partners’ second in the region. Most of the company’s projects are in Manhattan and the previous New Jersey conversion was Zephyr Lofts in Jersey City.

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