Falls, Pinnacle conversion deal closes

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April 4, 2005 // UPDATED 1:53 pm - April 26, 2007
By: Jeremy Stratton
Jeremy Stratton

Representatives from Miami-based Crescent Heights of America have confirmed their purchase of The Falls and Pinnacle apartments at Riverplace, which overlook the river at 20 NE 2nd St.

The developer confirmed that both buildings would be converted to condominiums, as has long been rumored, but had no further information to release.

The 19- and 28-story buildings have a combined 257 units. It would not be the biggest conversion on the Downtown riverfront; that designation belongs to RiverWest, 401 S. 1st St., with 417 units just east of the Main Post Office across the river. The 18-story RiverWest has already had 45 closings as of March 24, with 100 more scheduled, project officials say.

Under state law, current tenants can remain in their units for least 120 days after they are notified of a conversion (or 180 days for people over 65 or legally disabled.)

The Falls/Pinnacle purchase marks the first entry into the city's bustling condo market for Crescent Heights, which has developed condominiums in more than a dozen major U.S. cities, including Chicago, New York, Los Angeles, and Honolulu.