It’s been almost a month since Ranquist Development Group broke ground on its 5-story mixed-use condo building at 700 Lake St., and construction teams have already completed demolition of the former Tasty Dog fast-food restaurant.
Cory Robertson, director of developer services for Jameson Sotheby’s International Realty, said the District House project – 28 luxury condominiums and 4,500 square feet of ground-level retail – is expected to be completed by late 2017 or early 2018.
“You’ll start seeing the skeleton of the building in early spring,” he said.
He says over a third of the units have sold.
Robertson, an Oak Parker who does deal analysis for developers, said District House is one of the smoothest development deals he’s ever done.
“This is one of those projects where everything went like it was planned and that almost never happens,” he said.
Robertson said Ranquist and its development partner, Campbell Coyle Real Estate, have only made a couple of minor adjustments to the project: the addition of dens and powder rooms to all 28 units. Seven of the first eight sales were for units that included dens, he said.
“It was a market indication of preference, so we went back and designed them all to have dens,” he said.
Robertson said now all 28 units include 3-bedrooms, one den and a minimum two and a half bathrooms and are selling from $650,000 to $900,000.
He said the development team already has signed letters of intent with retailers for the commercial space, but Robertson said they are not yet ready to divulge the names. He said the 14-foot-tall ceilings on the ground floor “brings new players to the table that would have otherwise looked [elsewhere] in the Hemingway District.”
