The GrandView at Cottage Hill

[Southron]

The GrandView at Cottage Hill is a renovation of a 1950s-era mid-rise apartment building at downtown's Five Points. Plans include two and three-level 1,400-5,000 sq. ft. luxury condominiums, a fitness center, a private-viewing theater, a coffee shop (possibly Starbucks) and potentially other retail. Prices range from the mid-$300,000's to the upper $600,000's.

Kim Henderson, a Montgomery native who lives in Virginia, purchased the property at the corner of Goldthwaite and Montgomery Street in June 2006. Henderson became interested in investing several years ago when he learned of the city’s plans for downtown revitalization.

Demolition under way:

This project is a major step in the redevelopment of Five Points, part of the Downtown Master Plan. The building is pictured below at the center of the right edge:

[EXBubba]

Unfortunately I havent seen any exterior plans and that building has all of the architecrtural appeal of the new jail - maybe less - except for the view.

[Southron]

Unfortunately I havent seen any exterior plans and that building has all of the architecrtural appeal of the new jail - maybe less - except for the view.

[EXBubba]

I agree that it wasn't an attractive building, typical 1950s. Hopefully the renovation will make it more attractive, if this guy is going to sell $600,000 condos it better be.

[Southron]

Has anyone see any exterior elevations with serious renderings?

[EXBubba]

I can only assume that the interior themes will be very modern. Anyone know?

[Southron]

I can only assume that the interior themes will be very modern. Anyone know?

[Southron]

According to its website, this project is supposed to be completed this fall, but construction has not begun. The windows were knocked out a few weeks ago, and there has been no noticeable progress since then. I'm not sure that this thing will move forward at those prices ($300,000+ to 600,000+).

[Southron]

The developer says he has 10 reservations for the 37 units (1,400 - 5,000 sq. ft.), and the project is set to be complete in April 2008. Renovations will cost about $3 million, in addition to the $800,000 purchase price for the building. The developer is trying to recruit a coffee shop for the first floor, but couldn't work out a deal with Starbucks.

Details in the article below.

Central Alabama Business Journal: Developer converts apartments into luxury condominiums

[Southron]

Has anyone see any exterior elevations with serious renderings?

[Southron]

According to its website, this project is supposed to be completed this fall, but construction has not begun.

[Southron]

^The website now lists a project completion date of spring 2010. Framing has been done in some of the upper floors, but it's moving along pretty slowly.

[Southron]

^ Correction, it doesn't seem to be moving along at all now. The top three floors have been framed for months now, and there is no longer any sign of activity at the site (even the portable toilet is gone ).

Supposedly the owner has deep pockets and got the building at a cheap price, so he should be able to sit on it until conditions improve enough to continue with the renovation. At least I hope that's the case.

[brad0022]

^ Correction, it doesn't seem to be moving along at all now. The top three floors have been framed for months now, and there is no longer any sign of activity at the site (even the portable toilet is gone ).

Supposedly the owner has deep pockets and got the building at a cheap price, so he should be able to sit on it until conditions improve enough to continue with the renovation. At least I hope that's the case.

[Southron]

I was told that the owner did not sell all the remaining condo units. He would not budge from his asking price even though he was advised to lower the price since he has priced them too high for this early market. He has put it on hold.

[brad0022]

Thanks for the info, brad0022, and welcome to Urban Planet! I hope the owner doesn't abandon the project altogether.

[nowyano]

This is a problem that a lot of cities have had with condo developments in up-and-coming areas. Owners buy the building, sell a few units, and then abandon the property because no one else will buy the rest. I hope this project continues to go forward. I'm sure it will once Five Points' redevelopment really gets going.