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$177M Oceanfront Condo Tower Ready to Rise

PORTSMOUTH, RI-The 80-unit Tower at Carnegie Abbey, overlooking Narragansett Bay, lands $159 million in construction capital.

By Beverly Ford | Updated on January 18, 2007

(To read more on the multifamily market, click here.)

PORTSMOUTH, RI-A $177-million, ultra-luxury oceanfront tower is set to rise at Narragansett Bay as part of an exclusive private community with equestrian facilities, in-home spa treatments and marina space for private yachts. The 21-story tower will anchor a 400-acre estate just minutes from Downtown Newport.

Mike Devine, senior vice president of sales and marketing for the King of Prussia, PA-based O’Neill Properties Group, which is overseeing construction of the 80-unit Tower at Carnegie Abbey, tells GlobeSt.com that units in the 220-foot tower were already 40% sold months ago. “We’ve not felt the pinch [of the region's softening condo market] because of the offering,” he says, adding buyers from around the world have placed deposits on tower units.

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