"Under the agreement, we're both managing members of the existing ownership entity, and we structured a deal in which they make a [undisclosed] profit as units sell out and get the entire price, plus those profits at complete sell-out. Also as our part of the deal," he says, "we're investing $12 million to completely gut the building and construct 195 units within the existing seven-story structure. We're responsible for obtaining construction financing and for sales and marketing."
As Bella Costa, the property will have studio and one-bedroom units ranging from 432 sf to 621 sf. Units are sold fully furnished, including linens, and the prices range from $250,000 to $480,000. Camps says the sale office opened three weeks ago, "and 89 of the units are sold." Work is slated to begin in October and reach completion in May 2006.
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