A new condo strategy in Old Port
MATT WICKENHEISER
October 12, 2007
The building at Market and Milk streets was home to the Moose
Alley Saloon and Squire Morgan's for a while, and Molly's
Steakhouse and Irish Pub for a bit, but has been empty and
occasionally covered in graffiti for years.
In the Old Port, where churn and change seem to be the
bywords, this central storefront has stayed stubbornly empty.
But today, artwork of sea life hangs on the walls of a room that's
outfitted with a dark-wood, heavy bureau and a bed, covers
turned down. Stylish tables sit in other rooms, and chrome
appliances grace a kitchen space.
It could be a furniture store. Or a design shop. Or high-end
office space. Instead, it appears to be something new for the Old
Port.
It's actually a model unit for the Bayhouse development, a condo
complex planned for the Village Cafe site at Newbury, Hancock
and Middle streets.
The Village Cafe's still there, and no shovel has touched earth.
Groundbreaking, in fact, is pegged for next spring. But the
developers -- Village at Ocean Gate LLC, made up of Boston
firms GFI Residential and Atlas Investment Group -- put this
model unit into the heart of the Old Port to serve as a local sales
office.
It's a common tactic at housing subdivisions -- a model house
will go up first so potential buyers can check it out. But it's less
common for a city condo development that is not even under
construction.
"Buyers have a hard time visualizing something that's not yet
built. Buyers today want to look, touch, feel," said Demetrios
Dasco, the managing partner overseeing the project. "This is the
exact layout. There's minor, minor differences --but this is the
size, the ceiling height, etc."
This model is one of the two-bedroom versions that would cost
around $370,000. The model includes features such as a patio
(displayed indoors, of course), a fireplace and a high-end
bathroom (BIG shower stall, tile -- so very).
One-bedroom units will go for around $270,000, and some
larger two-bedroom condos will be priced in the mid-$400,000
range.
Phase One will include two buildings, with 84 units on four
floors above a retail level, all over an underground parking
garage. The developers want to go back to the city for Phase
Two approval, which would include 54 units.
Dasco said his firm has used this model-unit strategy
successfully in other cities. And in the current condo
environment, any edge will help.
There are a number of competing projects in the city, either
planned or under way, and the housing market nationally is
having ... issues.
"The way the market is, they have to work harder and be more
creative," said Lee Urban, Portland's planning and development
director.
Urban was unaware of the developer's Old Port unit --in fact, he
said he never had heard of the storefront strategy for selling
condos.
"I think that is a very creative idea. It lets people just walk on by
and catch their interest, which might not otherwise have
existed," said Urban. "It is the most convenient opportunity to
check out housing when you might not otherwise be interested
in housing."
Dasco is confident that the project will be popular and will move
ahead as planned.
The model went live this week. The local brokers, Town & Shore,
had an open house for other brokers and drew about 30 of their
colleagues. Some brought clients back. One client put down a
$1,000 refundable "reservation" for a unit.
Brokers will be at the sales office during the week and will have
open houses on weekends, and the Web site,
www.bayhouseportland.com, just went live.
The goal, Dasco said, is to have about 12 or 15 sales chalked up
before breaking ground.
"Check with me in the next week or so. I think we'll be doing
pretty good," he said.
Staff Writer Matt Wickenheiser can be contacted at 791-6316 or
at:
mwickenheiser@pressherald.com
