Richmond Developments

[wrldcoupe4]

Johannas Design Group did the design for this project:

http://www.johannasdesign.com/25thstreetlofts.htm

It could be called simply the 25th street lofts? the floorplans appear contemporary.

[Cadeho]

I took pictures of the lot being cleared and I passed by the other day, it is a neat structure and blends very well.

[burt]

I took pictures of the lot being cleared and I passed by the other day, it is a neat structure and blends very well.

Yes, they're called 25th Street Lofts.

I like the roofline(s). Are they rental or condos?

I see The National is still on Johanson's list.

Wonder how sales are going at Sterling Row on 19th Street?

Edited May 3, 2007 by burt

[Icetera]

Yes, they're called 25th Street Lofts.

I like the roofline(s). Are they rental or condos?

I see The National is still on Johanson's list.

Wonder how sales are going at Sterling Row on 19th Street?

Judging by thier previous projects, I expect this one will be equally impressive.

[burt]

Judging by thier previous projects, I expect this one will be equally impressive.

If I'm correct, Pohlig Building across 25th Street from the new/old Loft Apartments received an award from ACORN for excellence in converting the old commercial warehouse and a one-time Civil War hospital.

Parts of the new 25th Street Lofts are old commercial buildings and some is new construction.

The new-ish one-story building on north side of Franklin just west of 25th has about a dozen apartments, though one would hardly know it. Its neighbor on the n/w corner of 25th and Franklin was saved from demolition by concerned preservationists.

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Tommy, your Vistas cam photo created quite a discussion. Thanks for posting it.

Edited May 4, 2007 by burt

[cityhopper]

Yes, they're called 25th Street Lofts.

Are they rental or condos?

I am curious too, that is my neck of the woods.

[BGW]

Yes, they're called 25th Street Lofts.

I like the roofline(s). Are they rental or condos?

Back when I still lived up there, word on the street was rental at first, with possible conversion to condo after five years or so. That was 9+ months ago, though, and very unofficial.

[burt]

I am curious too, that is my neck of the woods.

cityh, check with the Pohlig people because I think 25th Street Lofts is one of their projects. Does Pohlig have a rental office?

[Icetera]

Back when I still lived up there, word on the street was rental at first, with possible conversion to condo after five years or so. That was 9+ months ago, though, and very unofficial.

Isn't that the rule for all historical renovations, in order to acquire their tax credits?

[BGW]

Isn't that the rule for all historical renovations, in order to acquire their tax credits?

I believe there are additional credits for this method, but I don't believe it's a rule. The Nolde Condos went straight to condo, but they did have some sort of tax credit scheme involved.

[wrldcoupe4]

Yeah, I believe that buyers at Nolde were entitled to Historic Tax Credits.

[Icetera]

Nolde are apartments right now. Did they switch from condos due to low sales?

[wrldcoupe4]

Yeah... Nolde is I think condos or leased units, whatever your preference.

[Icetera]

They are advertising in Apartment Guide for around $1500/month or so.

[wrldcoupe4]

It originally was 77 condos, but they only sold something like 20 by the time it opened. So, I guess Marathon switched the remaining ones over in an effort to not lose money. I think (might be wrong though) that you can still buy as a condo if you wish.

[cityhopper]

I actually went to Nolde while apt searching. As stated before they sold about 1/3 of the units and opened up rental options in filling the vacancies. I can say they are willing to make concessions on rent rate or deposit, at least for the first 12 months. The building is awesome, floor plan very open, lots of sunlight. The two units I saw had a floor plan that is more standard to the lofts you see in NYC: high ceilings, open space, petite kitchens, etc.

[BGW]

Yeah, I think the Nolde response wasn't quite what they anticipated. They were still all for-sale units when I toured the place (and wasn't terribly impressed with the units themselves).

[joey]

It doesn't have to be condo to get the tax credits, but whoever owns the unit gets them. If it's an apartment building, the developer gets it.

The reason developers don't like to use them for condo buildings is because very few condo purchasers are sophisticated enough to value the tax credits into their purchase price. If a condo unit comes with a $3k/year tax credit for five years, that unit should be comparable, to the buyer, to a unit costing $15k less. But most buyers don't see that -- all they notice is that this unit costs $15k more, ignoring the tax credit.

In an apartment unit, the developer can recognize the credit and price the unit cheaper as a result.

[ric75]

It doesn't have to be condo to get the tax credits, but whoever owns the unit gets them. If it's an apartment building, the developer gets it.

The reason developers don't like to use them for condo buildings is because very few condo purchasers are sophisticated enough to value the tax credits into their purchase price. If a condo unit comes with a $3k/year tax credit for five years, that unit should be comparable, to the buyer, to a unit costing $15k less. But most buyers don't see that -- all they notice is that this unit costs $15k more, ignoring the tax credit.

In an apartment unit, the developer can recognize the credit and price the unit cheaper as a result.

I dunno... $1500 a month doesn't exactly sound cheap to me. I think some of the new downtown houses and condo developments are going too upscale too fast. What are those townhomes across from Poe's Pub going for?

[Icetera]

I dunno... $1500 a month doesn't exactly sound cheap to me. I think some of the new downtown houses and condo developments are going too upscale too fast. What are those townhomes across from Poe's Pub going for?

I have been meaning to find that out, also. They are renting those at the moment, too.

It doesn't have to be condo to get the tax credits, but whoever owns the unit gets them. If it's an apartment building, the developer gets it.

The reason developers don't like to use them for condo buildings is because very few condo purchasers are sophisticated enough to value the tax credits into their purchase price. If a condo unit comes with a $3k/year tax credit for five years, that unit should be comparable, to the buyer, to a unit costing $15k less. But most buyers don't see that -- all they notice is that this unit costs $15k more, ignoring the tax credit.

In an apartment unit, the developer can recognize the credit and price the unit cheaper as a result.

Your name is deceiving after being used to the RCW joey (Downtowner)

[burt]

ambivalentrichmonder (whew, how's that for a long moniker?) on RCW has posted a website of a company that is building apartments right and left in old properties. Here they are:

http://www.clachanproperties.com

Also, what we have been calling 25th Street Lofts is actually known as The Reserve. It's web site is:

http://www.reserve25.com

Edited May 10, 2007 by burt

[wrldcoupe4]

Seems like a nice place.

Downtowner pointed out this interesting find on RCW:

4th and Broad hotel site?

Apparently Wilton has assembled property at the corner of 4th and Broad with hopes that it could become a hotel directly across from the convention center. I think the drawings aren't renderings but probably just something to give an idea of the scale of the project.

Here's a flyer in PDF format as well:

http://www.thewiltonco.com/i/properties/de...erPDF_42407.pdf

Anybody have any thoughts or knowledge?

[wrldcoupe4]

A couple more things. I'm not really sure which buildings would be included in this and if they would be razed as part of a project. Also, Wilton wouldn't develop the hotel, rather they would sell it to a developer who would build.

[Cadeho]

They need a better design! There's a pretty dull-looking building about that site I wouldn't miss.

[Icetera]

Is this the site of that lovely surface parking lot? I would hate to lose another pay-for-parking lot.