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306 Summit Ave

By November 3, 2006

306 Summit Ave just hit the market:

This building site comes with complete set of approved plans for 4 contemporary townhomes; permits already issued! Each unit is 4 stories: ~1500 sq ft w/ 2 bed, 2.5 baths & private garaged parking off alley. Located on the westside of Capitol Hill, it’s the perfect solution for the urban builder who is looking for a high-profile design.

Price at $1.1 mil.

I don’t know how commonplace it is to do the ground work for a project but not actually build it, but I do wonder if the builder got cold feet. I suspect this because of the slow sales at Three19 (just down the street at 319 Summit). Three19 went on the market in April and while there are only 16 units (many are two bedrooms like this project), they’ve only sold ten. What is even more disturbing is that their average price per square foot is lower than many of the conversions in the area. Are two bedrooms just a hard sell on Capitol Hill?