Plaza-Midwood Projects (Central, Commonwealth, The Plaza)

[richmondgolf]

I noticed the Soul sign went on the outside of the building on the corner of Central and Pecan. I drove past last night and you could see that they were doing quite a bit of work on the inside. I am not sure how much work is being performed on the bottom part, which i believe is a wine bar, but the upstairs seems to be progressing nicely.

[nonillogical]

I noticed the Soul sign went on the outside of the building on the corner of Central and Pecan. I drove past last night and you could see that they were doing quite a bit of work on the inside. I am not sure how much work is being performed on the bottom part, which i believe is a wine bar, but the upstairs seems to be progressing nicely.

i heard a while back it would be a sushi bar. hmm. either way i'm glad something will be done with that spot.

[richmondgolf]

I noticed a new sign on the bottom floor of soul. It said:

Twenty Two

Art, booze, eat, schmooze.

Any one know anything more about this place?

[voyager12]

This morning I noticed that Common House restaurant, south of Hawthorne on Central is open. Looks like a cool spot...anyone been yet?

[voyager12]

Long range plans by the County Library system call for the moving of the PM library to a larger space. I have always loved that building. I think it would make a great restaurant and or cafe/music store hangout.

[voyager12]

I noticed this week that The Elizabeth Square Apts right past the Hawthorne Bridge is complete and welcoming residents. Same upscale dorm exterior style that Camden and Post uses. Units facing the bridge have a cool view of the skyline. Personally, I would pass. It's not close enough to PlazaMidwood's hub for a quick walk. 7th St is closer but the options are much more limited.

[rebeljen]

I just looked at their posting at apartmentguide.com.... 3 months free rent is the current special. I'm wondering if they are hurting for people, and I can see why at those prices at that location....

[voyager12]

I know..... I thought those rates had to be a joke. Love the spin " in the center of Elizabeth's restaurants and stores". Uh. No. More like facing an expressway and surrounded by vacant lots and abandoned buildings that remind me of a Stephen King novel.

[UrbanFuture]

I know..... I thought those rates had to be a joke. Love the spin " in the center of Elizabeth's restaurants and stores". Uh. No.

No kidding. What are these developers thinking? Its this and a lot of other new projects that are "upscale apartment living" that are doling out very high per month rental rates in an economy that is butchering incomes of their target demographic. Not to mention the local financial economy is for all practical purposes in shambles (no one looking to make long term financial commitments because of instability, including a year lease on an apartment), which is a major contributor to upscale multi-family dwellings in or around Uptown. Its fine to have higher rents if there is scarcity, not if there are, oh... I don't know, 2000+ apartments about to hit the market this year near or in Uptown. If it were me, I'd be trying to lock in a lot of people at a lower rate to get the place full before these other projects come online, especially since this project is not on a rail line, Uptown proper, or in a relatively recently wealthy neighborhood, ie. Dilworth.

End Rant/

[atlrvr]

^ I think they are going the other strategy...locking people in at a higher rate and taking the front end hit.....Assuming they are hitting pro-forma after their 3 month bleed, they should be ok in the long run....trying to bump rents next year with a lot of new supply is a lot dicier.

Also, I think "heart of Elizabeth" is a bit of a stretch, but I definitely think its a good location for upscale apartments, which currently don't exist in that part of town. I don't think the walk to Central/Plaza or 7th/Hawthorne is that bad. The surrounding lots aren't much at the moment, but there are plans in the works for most of them, caveated by "economy dependent".

[sharkdawg]

I personally think they have a really nice location despite being on top of Independence. Within walking distance is plaza midwood, 7th st, and five points. Common House, Intermezzo, Hawthorne Pizza, Adams 7th St Market, Snoops, and Fig Tree are nice dining options easily in walking distance. Then there are plenty of bars in stumbling distance.

I am hopeful that they fill up with people which will help out the local business districts in the area. One thing is that there won't be many of the plaza midwood hipsters affording those kind of prices.

[UrbanFuture]

I am hopeful that they fill up with people which will help out the local business districts in the area. One thing is that there won't be many of the plaza midwood hipsters affording those kind of prices.

I was grabbing a couple "pre-dinner, nice weather" beers at Thomas Street with friends last night and couldn't help but wish that the neighborhood would never ever lose it's hipster feel. It, along with Dilworth, Elizabeth, and Southend are true gems of close in neighborhoods in my opinion.

If they can fill that place up at those prices then the more the merrier, it'll be good for local businesses.

[voyager12]

Well, Elizabeth Square is definitely an improvement to the utter moonscape that was there previously. And you are right that the steady restaurant growth further down Central is within easy access. I just think their rent is way overblown. Camden Dilworth is a similar style and their base rent is less. With a central location near East Blvd.

It's all academic to me. I am renting in Dilworth because I don't mind living in an old creaky no amenities quad. A little rundown but it has character. And I pay 675 which is a good deal for this neighborhood. I almost moved to another one bedroom quad on Bay St in Elizabeth that was also 675 a mth. Hardwood floors and a nice sized bedroom, kitchen, den, and porch.

It was not modern but I can't fathom choosing Elizabeth Square and paying $1380-1550 for a one bedroom which is their "starting" rate in the ad. Which always means it's actually higher. For what? A sundeck or business center no one ever uses? This is my favorite part, $500 non-refundable pet deposit and a monthly $10 pet fee. Crazy.

[UrbanFuture]

Don't they have a saltwater pool here too?

[atlrvr]

Plaza Vu (on McClintock across from the Harris Teeter) is a condo project from The Drakeford Company that didn't get much mention on here. It recently finished up, though I don't know if any of the units have started closing. This is a rare case where I like the finished product better than the renderings.

I appologize for the poor lighting.

[rockhilljames]

Not bad, but it looks more like an office building.

[sfmartin]

Morningside appears to be dead, or at least in deep hibernation. I've heard that Post has pulled out and site work certainly seems to have ceased. Anyone have any real knowledge on the status?

[atlrvr]

I heard that Post hasn't officially pulled out (like they did in South End), but they are delaying the closing indefinitely. I heard this recently, but it was second-hand info, so I'm not sure how dated it really is.

[Eastman]

Good thing is all the roads, curb and gutter, and civil is in place. The stage is set when ever this economy turns around.

[archiham04]

No kidding. What are these developers thinking? Its this and a lot of other new projects that are "upscale apartment living" that are doling out very high per month rental rates in an economy that is butchering incomes of their target demographic. Not to mention the local financial economy is for all practical purposes in shambles (no one looking to make long term financial commitments because of instability, including a year lease on an apartment), which is a major contributor to upscale multi-family dwellings in or around Uptown. Its fine to have higher rents if there is scarcity, not if there are, oh... I don't know, 2000+ apartments about to hit the market this year near or in Uptown. If it were me, I'd be trying to lock in a lot of people at a lower rate to get the place full before these other projects come online, especially since this project is not on a rail line, Uptown proper, or in a relatively recently wealthy neighborhood, ie. Dilworth.

End Rant/

Actually, this project is in fact on a rail line. The streetcar line will take a left at presby, cross Independence on Hawthorne pass right by this project, head on up to the Plaza Midwood, and off to Eastway.

[Niner National]

telling people there might be a rail line going through there in 10 years isn't much of a help when they could move downtown or to south end and live on one now for the same price.

[sakami]

Anyone have any details on the opening date/menu stylings for Soul at the corner of Central and Pecan? They appear to have finished the construction of the exterior deck and have even added weather protection with "Sushi, Tapas and Mezze" on it. We peeked in the windows downstairs and it appears they have a ways to go down there. This is such an important corner in the neighborhood I want to see it hoping as soon as possible.

[aptman]

The only reason I could think it would be considered a landmark is because it was the first ever H-T store. I have no idea if it is actually a designated landmark, but I do know it was the first HT store.

The only thing stopping Teeter is the pedscape plan...and this dreadful economy.

[aptman]

Well, Elizabeth Square is definitely an improvement to the utter moonscape that was there previously. And you are right that the steady restaurant growth further down Central is within easy access. I just think their rent is way overblown. Camden Dilworth is a similar style and their base rent is less. With a central location near East Blvd.

It's all academic to me. I am renting in Dilworth because I don't mind living in an old creaky no amenities quad. A little rundown but it has character. And I pay 675 which is a good deal for this neighborhood. I almost moved to another one bedroom quad on Bay St in Elizabeth that was also 675 a mth. Hardwood floors and a nice sized bedroom, kitchen, den, and porch.

It was not modern but I can't fathom choosing Elizabeth Square and paying $1380-1550 for a one bedroom which is their "starting" rate in the ad. Which always means it's actually higher. For what? A sundeck or business center no one ever uses? This is my favorite part, $500 non-refundable pet deposit and a monthly $10 pet fee. Crazy.

The 3 months free is prorated and significantly reduces monthly rents but the prices you quote are higher than the "starting" rates ever contemplated, not sure where you aquired this info. The pet rent is negotiable and the amenities offered are much more extensive than you have mentioned. Keep in mind the proforma was written 3 years ago when the economy was strong and the future looked bright...these deals don't come together overnight. It surprises me that advocates of urban neighborhoods would poo-poo this location when the only thing that happens when this project is full is that the neighborhood becomes stronger, local retail is suported, and blight is forced to find another home. Would you prefer the previous uses remain decaying forever? If you want to see new investment in the neighborhood, you are going to have increased prices...that's just the way it works...these are natural market forces.

[voyager12]

I acquired the info from their ads. It does not surprise me that there is wiggle room when someone actually goes in there to rent a place. Although the leasing office must be pretty lonely as the complex looks very empty. I agree that Elizabeth Square is an improvement over the vacant lot that was there previously. It's still not my cup of tea.

Edited March 10, 2009 by voyager12