Prices Going Up At The Harrison
Posted by Jeff Pruitt - 10/7/08 @ 3:38 pm - Filed Under Featured, Local Politics
As discussed previously, Barry Real Estate has decided to knock one floor off their condos and lower the number of units from 61 to 26. In doing so they are eliminating all the smaller one bedroom units and making the condos larger (and more expensive). From What’s Going Down(town):
Irwin explains the change as being a reaction to interested buyers who have repeatedly provided feedback that the units and balconies are too small and that the per square foot cost of the units is too high.
The new plan is expected to include less than half the previous amount of units because of a significant desire for larger units.
The units would range from about 1280 to 1750 square feet and would include larger balconies and lower per square foot prices, with prices for unfurnished units ranging from $220k to $320k.
This is a disastrous idea. We need more people living downtown to make this a true catalyst project, not less. They should’ve lowered the prices and increased the number of condos. I just don’t see how they are going to recoup the type of investment they’ve promised to make with 26 condos. Does this mean they will look to lower their overall investment in the project?
We know they’ve already discussed scaling it backfrom $21 million to $14 million but I’m still not sure that’s enough. And will the retail rates have to come down if the number of tenants is cut in half?
We will see…
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