Two new condo projects in works in Norfolk
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CHRISTOPHER DINSMORE, The Virginian-Pilot NORFOLK — Downtown pioneer Collins Enterprises LLC hopes to break ground on two new condominium projects in the city in 2004. The Connecticut-based developer plans to develop 106 loft-style units in five-story buildings wrapped around the outside of the city’s new Boush Street Garage. The other project is the firm’s first in Norfolk outside of downtown. It plans to develop 174 townhouses and flats in Larchmont on part of the site now occupied by the Bolling Square Apartments. The Bolling Square project has begun moving through the city’s Planning Department. Collins Enterprises took it before the Planning Commission and Design Review Committee this week for feedback prior to seeking formal approval. At Boush Street, Collins Enterprises had initially planned to build apartments, but recently opted for condos. “I think the market is looking for sale housing,” said Arthur Collins II, president of Collins Enterprises. “Interest rates are low. The building is turning out to be an expensive building to build, simply because it’s two independent structures, one being the garage and one being the apartments. It’s an expensive undertaking that may not support a rental project.” The condos will range from $140,000 for a one-bedroom unit to $270,000 for a three-bedroom unit. Upper-floor units will offer views of the Elizabeth River. Despite several competing projects in the works, Collins remains confident in the demand for downtown housing. “Clearly the demand for housing downtown has picked up,” Collins said. “This project fills the void for lower-priced housing.” Pre-sales could begin in April, but construction is not expected to begin until the fall when the six-story superstructure of the new 716-space garage is in place. The city is poised to close the 228-space Boush Street Garage by Feb. 2 and demolish it, said Stanley Stein, the city’s director of facilities and enterprise management. The City Council agreed to sell the property for the condos to a Collins Enterprises affiliate last June for $575,000. As part of the deal, the city will contribute $85,000 for the demolition of the former Commonwealth College building, which Collins acquired in 2002, at the corner of Boush Street and College Place. That parcel will be part of the condo project. “We continue to see a hot market for housing downtown, particularly the for-sale market, which is better than people expected,” said Roderick S. Woolard, the city’s director of development. Collins Enterprises began developing in Norfolk in 1997, acquiring options on five parcels from the Norfolk Redevelopment and Housing Authority. It first built three blocks of 184 apartments known as the Heritage at Freemason Harbour between Boush and Duke streets. With its apartments commanding $1,000 and up a month, the Heritage sparked the latest surge of redevelopment in downtown Norfolk. Collins Enterprises followed by building 78 luxury condominiums in three buildings on a pier near the Chinese Pagoda, a $25 million project known as PierPointe. It’s completing the $15.5 million RiverPark with 44 condos on a parcel between the Heritage apartments and PierPointe. Only two RiverPark units remain unsold. At Bolling Square, Collins Enterprises plans to start demolishing the old apartments south of Bolling Avenue in May. Along the road there, it plans to develop 66 three- and four-bedroom townhouses with garages. Another 108 units of flat-style condos will be built in several buildings along the riverfront with parking underneath. Prices will range from $250,000 for a two-bedroom flat to $500,000 for a four-bedroom townhouse. Sales are expected to begin in June. Collins continues to look for development opportunities across the region. “We have our eyes looking out here for other projects, along with everybody else,” he said. “It seems like there are an awful lot of projects in Norfolk now. It’s a national thing. The same thing is happening in other cities. We were talking with someone from Hampton today and they have the same demands.” Staff writer Harry Minium contributed to this report. Reach Christopher Dinsmore at 446-2271 or chris.dinsmore@pilotonline.com |
