Big downtown condo project set for spring start

Vantage Condominiums, the nine-story mixed-use building by Cresleigh Homes on the lot known as Site 21, is in the midst of final approvals from the city and others. “We all said this site was important and we wanted the best we could get, and we’re getting that,” said Tom Kigar, Capitol Area Development Authority’s special projects manager. CADA’s board voted unanimously Friday on a change to parking for the project, which will have 87 for-sale units above 2,990 square feet of retail space.

Kigar showed board members the latest tweaks for Vantage, which would be on what’s mostly now a parking lot on the southwest corner of 14th and N streets. A building lobby facing N Street would be flanked by two retail spaces, which could include outdoor seating.Units would have one, two or three bedrooms, with average sizes ranging from about 725 to 1,725 square feet. The largest units would be on the top two floors, though the top floor would also have two one-bedroom penthouse suites of about 882 square feet each. The second and eighth floors would have open-air decks, with the latter used as a garden.Cresleigh did not share an overall price range for the units, but Kigar said one upper-floor unit would cost about $1.9 million, and another $1 million.

The amount of parking had to be reduced over concerns from city fire officials about putting a diesel generator for the building’s elevators on the roof. Kigar and representatives from Cresleigh said the possibility of moving the generator to the building’s parking would reduce the number of spaces from 67 to 58, and could reduce it to 50. CADA’s board approved the reduction to 58.Most of the available parking will be for lease to buyers of two-bedroom units, said Bob Walter, a Cresleigh senior vice president. But Walter said he doesn’t think a lack of parking will hurt sales for the condos, noting the marketing campaign for Vantage will focus on transportation options such as biking and rideshare.

CADA and Cresleigh are scheduled to complete the purchase and sale agreement for the CADA-owned site by April 29. Construction would start shortly thereafter, Kigar said. The project would take about two years. Swinerton Builders is working with Cresleigh on a pre-construction contract for the project, while Cresleigh has issued a request for proposal to three contractors to build Vantage Condominiums.

Earlier this year, CADA estimated the project cost at $68.7 million. Kigar said project costs have risen by $1.7 million since then. As a result, Cresleigh will take a profit of 13 percent rather than 16 percent to keep costs contained, he said.

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