Indeed, the company is up to the 18th floor on its encoreproject, Newport Lofts, which will be 23 stories when complete.Cherry tells GlobeSt.com that 125 of the tower's 168 units havebeen pre-sold, with buyers having committed non-refundable 15%deposits. The $87-million development is slated to come online thistime next year.
Looking ahead, Cherry says the company is in schematic designfor a third condo tower that would sit between Soho and Newport. At48 stories and 425 units, the proposed Stanhi Building would be byfar the largest of the three towers.
The estimated project cost of Stanhi is $180 million; about $8million has been invested in the project to date, Cherry says.Given the increasing cost of construction, Cherry says the per-sfunit price for Stanhi will have to be $700 per sf to make thenumbers work.
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