Waterplace Relaunches as Luxury Residential Condominium; Sales Commence with October 17 Real Estate Auction Where Buyers Will Determine Price Points

– Intercontinental Real Estate Corporation Enlists Accelerated Marketing Partners to Conduct an Auction for 29 Riverfront Homes at One of Providence’s Only Luxury High-Rise Condominiums-

Providence, R.I. – September 21, 2011 – (RealEstateRama) –Intercontinental Real Estate Corporation today announced its pivotal decision to relaunch sales at Waterplace, one of Providence, R.I.’s only luxury, high-rise condominiums, by teaming up with Accelerated Marketing Partners to conduct an auction on October 17th for 29 riverfront homes at the development. Minimum bids for the residences available at auction start as low as $175,000 and are up to 69 percent below original asking prices.

“We conceived of and developed Waterplace to be the preeminent luxury, high-rise residential condominium in Providence. In 2008, as a result of the recession and changing market conditions nationwide, we temporarily shifted to a successful rental model for the building, with nearly 100 percent occupancy for much of this time,“ said Paul Nasser, Chief Financial Officer and Chief Operating Officer of Intercontinental Real Estate Corporation. “Over the last six months, the market has begun to stabilize and even without a public marketing campaign, we have seen a significant increase in interest and sales at the property. The renewed activity indicated that this was the right time to reintroduce Waterplace to Providence as a luxury condominium building, as it was originally intended. We teamed with Accelerated Marketing Partners to relaunch sales by conducting a real estate auction for a number of homes, during which buyers will be able to determine true value for residences at Waterplace. Accelerated will then work with us and Primetime Communities to transition into a conventional marketing program for the remaining homes.”

The auction event will take place at 7:00 p.m. on Monday, October 17th at the Renaissance Providence Downtown Hotel, located at 5 Avenue of the Arts. There are no hidden reserves or buyer’s premiums. Advance registration is required, and financing is available for qualified buyers. An on-site auction information center and model homes are open daily through October 17th at 100 Exchange Street in Providence. Additional information is available at www.WaterplaceCondoAuction.com.

“The Waterplace auction will provide a once-in-a-lifetime opportunity for prospective homebuyers across Providence, and the surrounding areas, to buy into a development that features the best of everything this city has to offer. Minimum bids have been set at astonishingly low levels for the property, especially because sales to date have been as high as $1.35 million,” said Jon Gollinger, East Coast Chief Executive Officer and Co-founder of Accelerated Marketing Partners. “By turning to the market at this critical juncture, Intercontinental is empowering consumers to determine true values for the property. Once the value is established, the plan is to relaunch the building based on market-driven pricing, and in the process, reintroduce for-sale housing to downtown Providence in the form of condominium ownership.”

Named for its Waterplace Park location, where the Woonasquatucket and Providence Rivers converge, Waterplace combines the convenience of a downtown, city lifestyle with outdoor amenities more typically found in the suburbs. Waterplace features 193 luxury residences across two towers, which boast unparalleled views of the city’s skyline and riverfront. Waterplace also offers residents personal access to unobstructed views of the WaterFire Fesitivals, Rhode Island’s renowned cultural attraction. The residential development also features a private fitness facility, a community center with a full kitchen and adjacent roof terrace, 24-hour concierge services and a newly opened onsite restaurant, Jackie’s Waterplace Restaurant and Sushi Bar.

All 29 residences available at the auction represent a mixture of various styles, views and levels available at one of the two towers. Many of the homes offer private balconies and/or terraces, and all are available for immediate occupancy. Winning bidders will receive a storage unit and a parking space in the onsite garage. In addition, Tower Suite and penthouse owners are given another parking space.

There are 11 one-bedroom homes available at auction, and they range in size from 879 square feet to 914 square feet. Minimum bids for these homes range in price from $175,000 to $200,000 and are up to 68 percent below last asking prices, which were up to $525,000. There are also 17 two-bedroom homes, ranging in size from 1,093 square feet to 1,615 square feet. Minimum bids for these homes range in price from $240,000 to $465,000 and are up to 69 percent below original asking prices, which were up to $1.35 million.

In addition, one two-bedroom-plus-den penthouse will be available at the auction. The penthouse is 2,447 square feet and features a private balcony, as well as a separate, private terrace. The starting minimum bid of $995,000 is up to 62 percent below its original asking price, which was approximately $2.6 million

Newly constructed residences at Waterplace have been designed with upscale finishes, including granite countertops, hardwood floors and designer cabinetry. Elegant kitchens have state-of-the-art Grohe® fixtures and Bosch® stainless steel appliances. Sumptuous master bathrooms feature marble tiling and floors, as well as oversized showers, and plush, rich carpeting can be found across the bedrooms. All homes also come fully-equipped with a Bosch® washer/dryer.

Waterplace is ideally situated in the heart of downtown Providence, a city known for known for having the friendliness of a small town, as well as the culture and sophistication of a big city with a thriving arts community and renowned restaurant scene. Two centers for the performing arts, numerous institutions of higher learning, lush parks and major employers are located within blocks of Waterplace, which is also just steps from the city’s best shopping, dining and outdoor experiences. Waterplace residents enjoy the front-row access to the WaterFire festivals, which have become a major attraction for both Rhode Islanders and tourists. Boston, New York City and Washington, D.C. are within easy reach.

For more information, please visit www.WaterplaceCondoAuction.com or call 866-774-1208.

Accelerated Marketing Partners (AMP)

Accelerated Marketing Partners, a full-service residential real estate firm with offices in Boston, San Francisco and Irvine, Calif., specializes in the development and implementation of both accelerated and conventional marketing and sales programs. The company has brought together the industry’s most seasoned professionals with decades of experience providing strategic marketing solutions for residential real estate developments nationwide. Accelerated Marketing Partners offers comprehensive integrated services including detailed marketing analysis, management of on-site sales initiatives and accelerated marketing campaign development and implementation. www.acceleratedmp.com.

Intercontinental Real Estate Corporation

Intercontinental is an SEC Registered Investment Adviser that manages private equity real estate investments and provides real estate services for domestic and international clients. Established in Boston over 50 years ago, Intercontinental has acquired, developed, managed, and owned over US $6 Billion of real estate assets across all property types.

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Elizabeth Walden | Quinn & Co. | 520 Eighth Avenue, 21 Fl. | New York, NY 10018 | T: 212.868.1900 x349 | F: 212.465.0849 | ewalden (at) quinnandco (dot) com | www.quinnandco.com