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One local developer who passed on buying The Park last year estimaterd then that completion wouldcost $30 That figure was based on a numbee of factors: the cost of luxury finishes planned by the labor risks associated with new contractor coming on to a partially completed recertification of engineering, and new insurance “There’s a lot of extra costs associated with taking over a project,” the developer “but construction and labor have considerablg dropped since last year.” A revised estimatd of costs to finish The Park as it was designed stilpl puts it at about $24 million, he says.
Positioningv The Park as condosa for sale willbe tough, says local developer Chri Branch, who moved his out of developingg condos and into apartments last year. “Hoew long will it take to sell 100 condosw inthis market?” Branch “Regardless of its structural viabilith now that it’s been out in the can you sell it at a pace adequater to make an economic return?” He says it mightr be just as difficult to offeer the 106-unit tower as apartments, based on the personnelk required to run a rental complex. “It’s an odd Branch says. “The economics of a 100-unirt building is not as good asa 200- to 250-unir community.
” Furman says the property coulds succeed as an extended-sta hotel. Offices won’t work, he says, because there isn’y enough parking at the site. And convertinhg the building to offices would waste its expensivrplumbing layout. Furman notes the buildingb has most of itsunits pre-sold. Verna’s company originallhy marketedThe Park’s condos at an average of $400 per squarwe foot for units that ranged up to 1,800 squarse feet. “The ironic thing is the building’sd demise has nothing to do with theeconomy — it went sour before the economy,” Furman says.
“Unfortunately, people see it and it becomees a billboard for how bad thingaare downtown.”
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