Indeed, the company is up to the 18th floor on its encore project, Newport Lofts, which will be 23 stories when complete. Cherry tells GlobeSt.com that 125 of the tower's 168 units have been pre-sold, with buyers having committed non-refundable 15% deposits. The $87-million development is slated to come online this time next year.
Looking ahead, Cherry says the company is in schematic design for a third condo tower that would sit between Soho and Newport. At 48 stories and 425 units, the proposed Stanhi Building would be by far the largest of the three towers.
The estimated project cost of Stanhi is $180 million; about $8 million has been invested in the project to date, Cherry says. Given the increasing cost of construction, Cherry says the per-sf unit price for Stanhi will have to be $700 per sf to make the numbers work.
"We started off selling units in Soho Lofts for $300 per sf," Cherry says. "You can't even build for that today."
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