The Ratcliffe on the Green, a 10-story, 57-unit condominium/retail complex tentatively slated for occupancy in first quarter 2002, is expected to immediately spur new office or multifamily development proposals on nearby vacant land, according to developers familiar with this section of the center city.

First Union unveiled the condo project Feb. 12. Grubb Properties and Richter & Associates, both locally based, are the joint developers. The condos, averaging 2,200 sf, are priced from $200,000 to $1.3 million. At an estimated average sale price of $300,000, the sell-out value of the units could be at least $20 million, luxury shelter estimators who have worked on similar projects tell GlobeSt.com.

The units are expected to be sold quickly to move-up homeowners desiring to be near uptown's entertainment and cultural areas, local marketers tell GlobeSt.com.

Besides penthouse units and conventional condo premises, The Ratcliffe will have 24,000 sf of retail and an undetermined amount of office and restaurants. Another three-story structure within the development project will also offer an undetermined amount of retail, according to the bank.

Childress Klein Properties of Charlotte is handling the bulk of the commercial development. An 880-space underground parking garage broke ground last year. The historic Ratcliffe Florist building is scheduled to be returned by late March to The Green. It was moved across the street to avoid damage from construction on the main project.

FMK Architects designed The Ratcliffe. Charlotte-based Wagner Murray Architects and land-planner ColeJenest & Stone designed The Green.