Friday, June 30, 2006
Potential residents vie for units at RiverPark Place
Sarah
Jeffords - Business First Staff Writer
Eric Luckl, 46, said he loves his current home off of Zorn Avenue. But as a
self-employed risk analysis professional who travels frequently, he simply
doesn't have time to handle the regular upkeep that it requires.
Instead, he prefers maintenance-free condominium living, and he was drawn
to RiverPark Place by the unusual setting the development offers.
Located off River Road near downtown Louisville, the mixed-use project
allows residents to live in a park setting. Yet there is an urban feel to the
development, with its proximity to downtown and blend of on-site restaurants,
shops and businesses.
So although construction will not start until the fall, Luckl forked over
$2,500 to reserve a $419,000, two-bedroom, two-bathroom unit.
15 percent of units sold
Like Luckl, dozens of future residents have invested between $1,500 to
$10,000 to reserve a hand-picked unit during a sales event held last week,
said Shannon Haste, director of sales for Poe
Cos. LLC, which is developing RiverPark Place.
The real estate firm hosted the five-day event, during which more than 500
attendees had an opportunity to review floor plans, meet with company
officials, and, for the first time, reserve one of the more than 600 available
condos.
At the close of the sales sessions, 63 units, valued at nearly $30 million,
had been reserved. Most popular were units in the two 16-story towers, which
range in price from $199,000 to more than $1.5 million, Haste said. But
several loft condos, which range in price from $139,000 to $359,000, were
reserved. And along with unit reservations, 26 of the 144 available boat slips
for the marina also were reserved. The boat slips cost $30,000 to $65,000,
depending on the size of the boat, and they are available to nonresidents as
well as residents.
In the fall, Haste said, the reservations will be converted to contracts,
and the fees that have been paid so far will be applied toward down payments.
$1 million sales center in the works
Julie Tinnell, chief operating officer for Poe Cos., said company officials
are very pleased with the rate of reservations, especially considering that
marketing efforts are just getting under way. And Tinnell expects the momentum
to continue to increase.
Poe Cos. is slated to break ground next week on a 14,000-square-foot sales
center at 1250 River Road.
The $1 million center will feature seven full-scale units that will be
completely furnished and decorated by an interior designer. The goal of the
facility is to give potential buyers a chance to see the different types of
units as well as the fixtures, appliances and finishing touches.
When the sales center opens this fall, it also will serve as the leasing
office for the 65 loft apartments, and Poe Cos. will start taking reservations
for rental units at that time.
Development has broad appeal
From the interest the project has received, it appears as though RiverPark
Place will be home to a wide cross section of income levels, ages and family
structures.
For example, Haste said, the sales event attracted retirees, families with
young children and young professionals.
Part of the draw is the uniqueness of the project.
With the location, the marina and access to park amenities, RiverPark Place
"is a development unlike anything else in the community," said David
Karem, president of the Louisville
Waterfront Development Corp., which oversees waterfront
development efforts.
Karem said officials with Poe Cos. have dedicated a lot of time and energy
in the planning of RiverPark Place, even visiting developments in other
cities. The result, he said, is a quality project that "ratchets up"
Louisville's living options.
Another condo buyer agrees with that assessment. A.J. Nair, pain management
physician and owner of Kentuckiana Pain Specialists PSC, said he spent about
$15,000 in reservation fees to claim three RiverPark Place condos.
Two of those units cost about $500,000 each, and his plan is to combine
those condos to create one, 3,000-square-foot living space. Nair, his wife and
their three children -- ages 3, 4 and 5 -- would move from their East End home
to the RiverPark Place condo.
The third unit, a 1,200-square-foot condo that costs about $300,000, would
serve as an investment property, he said.
Nair added that he is pleased with the downtown revitalization that he
already has seen, and he expects that to continue, especially as Louisville
follows the downtown living pattern established by other metropolitan areas.
Nair added that he is pleased with the downtown revitalization that he
already has seen, and he expects that to continue, especially as Louisville
follows the downtown living pattern established by other metropolitan areas.
So to Nair, real estate in RiverPark Place simply was a "good
investment."
RiverPark Place
Description: A mixed-use development that will include
about 30,000 square feet of commercial space as well as 65 loft apartments and
more than 600 condos in the first phase
Location: 1600 River Road, across from Towhead Island
Developer: Poe Cos. LLC
Project cost: About $200 million
Amenities include: A park setting; pool; downtown and
river views; marina; biking and walking trails; on-site fitness center,
restaurants and shopping; secure parking