1115 Taylor NW

[jbr12]

Agreed. However, there is a pricing problem right now as we've seen it. If we sell a 850 sqft 2br 2ba unit for say $145k we get $145k (less expenses). But say we rent it for 1000-1100 per month (might be a bit high). We get $12,000-13,000 per year before operating expenses and reserves. Take those out and we are down to say $750 per month or $9000 per year. that is just over a 6% return (not too good) for us. This does not take into account vacancy, credit loss, etc.

I am willing to admit that I am not a brilliant residential developer but it seems to explain why things are happening the way they are in GR right now (meaning mostly condo's).

As for the tour, we'll try to get something set up.

DJL

[DJL3CDP]

In your example, you'd be selling the condo's for ~$171 / sq ft.... In order to get an 8.7% return you'd have to build the condos for $150 / sq ft, which from my understanding gets you a fairly bare bones space... What level of finishes are you looking at?

[jbr12]

Sounds great! Thanks for the reply I'd be excited to see what the design entails once things are hammered out a bit more

[ZachariahDaMan]

Hopefully this hasn't been posted yet. The former Waddell Furniture Manufacturing Plant is being turned into 9 condo's, office space and a restaurant.

http://www.rapidgrowthmedia.com/developmen...taylor0207.aspx

[PHTPL]

I believe the pub/restaurant is being developed by L&B, the two owners of Graydon's, Cambridge, Logan's, and JD Reardon's. I think the theme will be similar to The Hopcat in having a lot of beers on tap.

[GRDadof3]

Hopefully this hasn't been posted yet. The former Waddell Furniture Manufacturing Plant is being turned into 9 condo's, office space and a restaurant.

http://www.rapidgrowthmedia.com/developmen...taylor0207.aspx

[CK1]

Quote from the article:

"The 24,000 square foot building has 10,000 square feet slated for office space on the main level. The second and third floors will be one-bedroom loft condos ranging from 600 to 900 square feet each. Beyer expects to price them in the high $100s."

Need to get that price down...

[GRDadof3]

Quote from the article:

"The 24,000 square foot building has 10,000 square feet slated for office space on the main level. The second and third floors will be one-bedroom loft condos ranging from 600 to 900 square feet each. Beyer expects to price them in the high $100s."

Need to get that price down...

[cheshireguy]

Peachy!

[Floyd Z]

I love this project. I think it will do a lot for the neighborhood and spur more development in the area. Looking on MSN there are a ton of surface lots, factories, and crappy buildings all around, but 20-50 years down the line this could be just as dense as downtown. I love how theres so much development in the NoMo area.

[DJL3CDP]

Yeah, I missed that quote. 600 - 900 square feet should be more like $120's to $180's, IMO (or less, if possible).

[Eridony]

I drive past this building every day on my way to work and I've been watching them build a small wall with red colored bricks on the south side of the building. Now that there is finally a rendering of this project I can see that that wall will be on the side of that glass area on the left side of the rendering.

The progress on the outside of the building seems to be getting faster. It will make that corner much more attractive when it's finished.

[GRDadof3]

Yeah...this is why Kim Beyer is in charge of Construction not Marketing! I was personally pretty pumped up when I found out we were going for LEED. We are really focusing on the core and shell right now and creating the space. The building is more like 30,000 sqft. including the garden level.

I know I offered a tour we'll have to get on that.

DJL

[GRDadof3]

I drive past this building every day on my way to work and I've been watching them build a small wall with red colored bricks on the south side of the building. Now that there is finally a rendering of this project I can see that that wall will be on the side of that glass area on the left side of the rendering.

The progress on the outside of the building seems to be getting faster. It will make that corner much more attractive when it's finished.

[Eridony]

Yeah, the first picture is the view I see everyday. I rarely see the other parts of the building though.

[Raildudes dad]

Here are some pics of the work you're talking about eridony:

[LA Dave]

See the circular pattern in the brick on the right hand side? That's where the Clark gas station on the corner PAINTED the price of their gas in the mid 60's. I remember seeing $0.32 painted there for premium - can't remember the price for regular

[walker]

See the circular pattern in the brick on the right hand side? That's where the Clark gas station on the corner PAINTED the price of their gas in the mid 60's. I remember seeing $0.32 painted there for premium - can't remember the price for regular

[Explorer]

It's funny how fascinating a price painted on a wall can be in the right context.

[Dedav]

It's funny how fascinating a price painted on a wall can be in the right context.

[walker]

Took this shot back in the 80's....finally found it

[GRDadof3]

Marvel at the prices. After the Marvel Station was replacd by White Rose, the wall was painted white. Eventually the white faded away and the Marvel sign re-emerged. You can see hints of the white paint in the picture here especially around the borders. Thanks Dedav.

If they haven't picked a name yet for the restaurant that's to open in this building, why not call it the Marvel Cafe?

[Dedav]

That's a great idea, although I think it's going to be a huge taphouse like Hopcat. I'm going to pass this photo along to the developers, if that's OK Dedav.

[DJL3CDP]

Thats fine. Just tell them Dedav sent you. LOL....

[Dedav]

Dedav,

Any chance you'd let me copy the photo so we can put a framed copy in the building?

DJL