If you’ve walked down Frazier in the last couple years you’ve likely seen the shell of the building just of Market next to Locals Only and wondered what they’re going to do with it. Well, the rumors were right and it’s going to be retail and condos.
The Times is reporting that the units will be priced from under $500,000 to $1,200,000 and that parking has yet to be sorted out but will not be garaged. Provided they can sell all the units the developer should do alright as they bought the property in 2014 for ~$1,030,000. Add in five years of carrying costs and that’ll take a bite out of profits.
The North Shore is certainly doing a nice job of producing smaller projects. Projects of a scale that seem to fit more in the area. At least at the moment. I am aware of at least three projects in the rumor or planning phase that are looking to have more than 150 units each but they’re all at least a year or two away.
The smaller, boutique, projects can provide an excellent counterpoint to the larger ones and in my experience tend to draw higher prices and a sense of exclusivity, provided they’re done well.