Quote:
Originally Posted by spyguy
Larger rendering of 111 W. Chestnut
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Very nice. The only "downside" of this one was that its two residences per floor, so about 40 units. Still, a big improvement over the empty lot there now. Also an improvement over the public-works-post-office-turned-gang-infested-cineplex-odeon that predated the gravel lot. Aesthetically, I couldn't have asked for more.
Also, even about 60 new residents, if they are high-income/high-consumption, can do alot to support area retail (restaurants, spas, grocery, western union check-cashing, etc.)
Perhaps at two residences per floor, it will be easier to get the project off the ground due to submarket conditions. However, I'm skeptical of that logic given the glut of high-end product on the market, and the fact that the Ritz residences (probably a close competitor to this project) barely squeaked through with pre-sales to get financing. So unless the developer is going in with tons of equity to build a rental project, or the price points will be very aggressively
low on a per-square-foot basis, I have my doubts about feasibility.
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