Demographics vary for new Belmont condos
Daily Journal of Commerce
May 26th 2005
The Andria, a four-story condominium at the intersection of S.E. 42nd Avenue and Belmont Street, is garnering presale interest from a variety of demographics, even from a Pearl District real estate agent.
"He won't let us tell who he is, for fear that it might hurt his business, but he's already bought a unit," said Barbara Durrett, listing agent for John L. Scott Real Estate.
Along with the Pearl real estate agent, other buyers are a couple in their 30s, a few empty-nesters and a man in his 80s.
An abundance of presale interest stems from the Andria's location - nestled among single-family homes and smaller retailers, said Mike Purcell, general contractor with Gray Purcell. "On Belmont Street, you're going to see more infill developments because people want to live there," he said. "That's where the demand is, and to meet it, you have to have more density."
"Belmont is really moving up," added Durrett. "People in the neighborhood are excited about it and think of it as a positive thing. The Andria is built for people who don't want to move out of the area but do want to downsize."
Developer Jerry Hasse, who named the building named after his wife, said he has preliminary plans for another building across the street. Hasse acquired both the Andria site and the parcel across the street after trading a smaller piece of land in the Pearl District.
"I have plans, but I'm not going to do anything immediately," he said. "I don't want to put up a building that looks like the Andria that would do injustice to one or the other. I want to put up something that would work well with the feel of the neighborhood."
Hasse said he hasn't yet sat down with an architect, but he expects he will work with the same firm that designed the Andria, Myhre Group Architects.
Purcell said construction on the fourth floor will begin today. The Andria is slated to open at the beginning of October.
The Andria will be the tallest building in the neighborhood, standing at four stories. The thirty-unit structure is fashioned with a brick, glass and concrete facade. Prices range from $250,000 for studios to $525,000 for larger units. All units on the second and third floors have been sold.
The ground floor features 5,000 square feet of retail space. Durrett said that Hasse will hold off on determining a retailer because "he doesn't want people buying units because of a certain retailer." She expects they'll begin the search for a retailer within the next couple of months.