As you may remember, 25 on the Park, a development of modern townhouses directly on Cal Anderson Park, was foreclosed on in February, going to be auctioned off this summer, but then stated that they were “not planning on selling building lots where the appraised value is significantly below the value of the land with a completed house”.
Well, that has all changed. Quoth Kerry Wake of City Bank:
We are in the early stages of restarting construction at 25 on the Park. We hope to have 5 of the back units on the market in the next 30 to 45 days. The initial challenge will be renewing permits and testing the units after sitting for so long. Weâ€™ll bring all the units to sheetrock stage and then proceed with a progressive build-out. As we sell through inventory we will finish additional units to release to market. However if we have interest in unfinished units we would certainly consider writing up some pre-sales.
Get ‘em while they’re hot!