Neighborhood Launch project Downtown growing again after slowing in recession
When other condominium developers bailed on Downtown after the housing crash, Jeff Edwards soldiered on.
Little by little, he added to his Neighborhood Launch development while Downtown’s condominium market seemed dead in the water.
After the 2003-2008 boom, which added about 900 condominiums to Downtown’s skyline, construction screeched to a halt.
In the six years since then, only 49 condos were built Downtown — all but one (a lone outpost on Gay Street) in Edwards’ Neighborhood Launch project.
The latest phase of Neighborhood Launch will bring an additional 26 condos to the mix.
The new phase, called Bishop’s Walk II, extends the Neighborhood Launch project farther east. It continues the town-house style that has made the development such a striking addition to Downtown’s Gay Street.
“It’s provided a connecting fabric for the Downtown streetscape,” said Cleve Ricksecker, executive director of Downtown’s Capital Crossroads and Discovery District special-improvement districts.
“What had been a long and unpleasant walk has all of a sudden become a great experience that seems like it takes no time at all.”
When completed, Neighborhood Launch will spread about 470 apartments and condominiums over nine blocks of Downtown between 4th Street on the west, Gay Street on the south, Long Street on the north, and east of 6th Street on the east.
Edwards, president of the Edwards Cos., said condominium construction all but ended during the recession for several reasons: lack of demand from buyers; inability of buyers to get financing; and inability of developers to get financing.
“During the downturn, it was all you could do to get half of a building built,” he said.
One reason he was able to continue building — although at a slower pace than during the boom — is because his firm already owned the land.
Edwards also had the luxury of being able to develop in small stages, while most other developments went up in single large buildings.
Now, Neighborhood Launch is offering the only new condominiums Downtown, along with the Condominiums at North Bank Park, the 2007 Arena District tower that is still selling some original units.
“There’s a lack of product Downtown right now,” Edwards said.
Construction is just beginning on 15 of the 26 new condominiums, yet eight of them are spoken for, said Sue Cass, director of marketing for Neighborhood Launch.
“There’s a lot of pentup demand,” she said.
The condominiums feature the same floor plans as the previous condominiums in the development.
A single-floor, onebedroom garden apartment occupies the ground floor, which is half a level below street grade. Above that are two- or three-story town homes.
Prices for the garden apartments range from $167,000 for a 688-squarefoot unit to $207,000 for a 753-square-foot version.
The town homes, all done in a brick brownstone style, range from $354,900 for a 1,291square-foot two-bedroom unit to $486,500 for an 1,801-square-foot threebedroom plan. All feature front and rear entrances, a rear patio and a garage.
In addition to the 26 new Bishop’s Walk condominiums, Edwards is building 129 apartments called the Normandy in the Long Street side of the development. Leasing has just begun for the apartments, and the first tenants are expected to move in late in the summer.
A sister building, also with 129 apartments, is planned, along with more condominiums, including a five-story building featuring single-floor units.
Edwards expects others to resume work on condominiums Downtown, even though developers have recently focused on apartments.
“I think it will return to historical norms,” he said, “and any construction Downtown is good.”