A development of Woodbine Southwest Corp., the property issituated within Kierland Commons, a 600,000-sf, 38-acre mixed-useproject that features upscale specialty retailers, dining,entertainment, office and luxury residential space into an urbanneighborhood, "Main Street" setting. Phase I, which opened foroccupancy in 2005, consists of 30 one and two-bedroom units thatsold out within 30 days. The second phase, which was recentlycompleted, has 54 one and two-bedroom units as well as fivepenthouse suites on the ninth floor of the loft tower. SignatureProperties is handling the marketing of the project, which wasdesigned by Nelsen Architects.

[IMGCAP(2)]While some projects in the area have seen a fall-offin potential buyers, Plaza Lofts is seeing a lot more activity,relates Daniel Gosnell, president of Woodbine Southwest. "In termsof why we're still pretty steady, I think it's that we're in alocation that's been proven," he says of the factors that led tothe project's success. "We've got 84 units, which is a pretty smallboutique project, in terms of numbers. For the 30 in the firstphase, the resale values are still higher than what we're sellingthe new tower for, so there's some implied built-in equity to closeescrow."

The fact that the project is located within Kierland Commons,"which is probably the highest performing mixed-use retail projectin the state," he says, adds some cache. "Once you buy into it, youalready have a great address." In fact, Gosnell notes that anotherresidential complex within Kierland Commons--the Landmark--isnearly sold out as well, and hasn't budged on its pricing,either.