Although the land write-down was recommended more than a year ago by the city's community development commission, the project has been stalled as Thrush Co. and local groups have haggled over the 164-unit proposal. The developer is setting aside 32 units, 20% of the total, for buyers qualifying under the city's affordable housing guidelines. Also, the plan commission recommended approval of a project last week that now includes a landscaped deck, dog walk area, "green roof" and a setback from Madison Street.
Thrush Co. chief executive officer David Chase tells GlobeSt.com he hopes to have a sales center at the "L-shaped" site by the end of the year. He adds the development team is talking with several lenders, who will likely require pre-sales of about 40% of the units before ground can be broken. "We hope to break ground in 2005," Chase says.
Condominiums in the eight-story building will range from $110,000 to $240,000 for the affordable units, and up to the $600,000 neighborhood for the market-rate units, Chase says.
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