The project will be kicked off by the company's $1.2 million acquisition from the city of a nearly 1.7-acre parcel fronting Druid Park Lake Dr. The project will have cost a reported $40 million to complete.
Vista on the Lake will be surrounding by the Reservoir Hill community's abundant stable of Victorian townhomes, as well as an increasing supply of new developments ranging from rehabilitated apartment properties to renovated single-family homes. The condominium development will consist of two eight-story structures featuring two levels of parking space, each.
The demand for condominiums in the city is on par with that of most metropolitan markets across the country. "Attractive interest rates and strong price appreciation rates continue to spur condo sales," David Wilson, president of the National Association of Home Builders, says in a statement on the organization's Multifamily Market Index report for the fourth quarter of 2004. The report also concludes that, on the supply side, condominiums are ahead of the apartment sector with an index of 57.1; numbers exceeding 50 indicate market strength. The index for the apartment sector is 49.3.
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