The sad saga of The Renwick, the troubled and arrested condominium planned for 15 Renwick Street, has entered a not-unexpected next chapter. It will go up for foreclosure auction on May 23, The Real Deal reports. But there is a twist: developer Harry Jeremias could end up the owner of the building's loan. He has partnered with Glacier Global Partners, with plans to take control of the property at auction. And if that happens, the long-stalled project might actually come back to life. We'll wait a minute for that to sink in.
Jeremias tells The Real Deal construction could begin on the building by the end of the year and take about 15 months. Most of the foundation and piling work was finished back in 2010, but the rendering at right is no longer the building's likely future. Jeremias says he and Glacier will be coming up with new designs, and perhaps the apartments (the original plan was for 44 units) will be rentals rather than condos. We hope they keep the amenities.
· Harry Jeremias back in action at 15 Renwick Street [Real Deal]
· The Renwick coverage [Curbed]