NoDa and the surrounding neighborhoods have been awash in new apartments in recent years, and some developers now see an opportunity to build for-sale housing.
Gary Stephens, one of the developers behind a new project called NoDa Terrace, is hoping to lure people who want the neighborhood’s urban amenities but are tired of renting. He plans to break ground by the end of the year on the eight-unit condominium project at 37th and North Davidson streets.
“These are not townhouses,” Stephens said. “They’re truly flats. You can own, and live the urban dream.”
The units are priced from about $240,000 (for the sole one-bedroom condo) to $395,000 for the two-bedroom units. Stephens said he believes many buyers will be able to pay less per month than they would at nearby luxury apartments, where rents can top $2,000.
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The ground-floor units are designed to accommodate offices as well as the residential space, making them potential “live-work” units for the owners. High-end touches such as 10-foot ceilings, hardwood floors and art from a local artist that will be displayed outside are meant to help lure buyers.
The Blue Line light rail extension is set to open in the spring, and the 36th Street station is blocks away. The development partnership behind the new condos bought the nearly quarter-acre site in 2016 for $350,000, property records show.
“I just knew it was going to be a winner,” Stephens said. Pre-sales are underway now, and the condos are expected to be complete in fall of 2018.