Patience pays off
The first construction of housing along Automobile Alley in decades is starting up next month with the five-story, 11-unit Broadway Condominiums.
The first construction of housing along Automobile Alley in decades is starting up next month with the five-story, 11-unit Broadway Condominiums — set to anchor a key entryway into downtown.
Developer Nick Preftakes’ work along Automobile Alley dates back 20 years with the makeover of the former C.R. Anthony’s Building at 701 N Broadway. Preftakes and his leasing agent, Wendy Chong, recently opened a showroom on the fifth floor that boasts a direct view of the construction across the street.
The $15 million development was announced in February. But Preftakes admits the location of the showroom was an accident and not the result of any grand plan.
“This space became available at year end of last year,” Preftakes said. “And in January after the tenant moved out, I came up here to see what it needed to get a new tenant. And I’m standing here looking outside and it was like a light bulb went off. I was looking out the window. This is the fourth-floor view for the condominiums. You can see exactly what your views will be.”
Preftakes has already cleared the former parking lot at the northeast corner of Broadway and NW 6. The RCB Bank ATM on the corner was moved to the front of the 701 N Broadway building. All design review and zoning matters were approved earlier this year and the city issued a building permit on Nov. 8.
Several of the homes are selling for about $1 million. The top floor and two other units have already sold.
“People are customizing units,” Preftakes said. “People are eliminating a bedroom and making a living room larger, which we can accommodate at this stage.”
Once the building is under construction, the opportunity to make such changes will be more expensive and more challenging, Chong said.
About the amenities
The showroom provides a glimpse of not just the views from the condominiums, but mock-ups of the kitchen, bathroom and samples of the interior design and materials.
“All the counter tops, from the utility room to the kitchen to the bathrooms are all three-centimeter granite,” Preftakes said. “We’re putting in top-ofthe-line appliances, including commercial gas ranges. The flooring will all be porcelain tile. The level of finish will match the place.”
Each condominium will include two parking spaces in an enclosed parking area on the ground floor behind a street-level facade of window display cases, providing visual interest for pedestrians while furnishing a discreet private entrance with controlled access for residents. Each display case will showcase work from local artists and promotions from community-enriching organizations.
Preftakes said he has patiently waited for the opportunity to build up on lots that were previously surface parking.
“You’re starting to see what I saw 20 years ago,” Preftakes said. “I bought this building in 1999. I bought Hudson Essex (825 N Broadway) in 1998. I’ve been here a long time. I’ve seen the opportunity, I’ve seen the growth. I’ve represented patient capital.”