Monday, October 19, 2009

Urban News Vol. 51c

Back to this pertinent topic one more time as Chaintreuil, Jensen, and Stark have put out a very attractive preliminary package of renderings and floorplans.

Author Unattributed

Article Key Points:
  • Christa Construction released drawings and floor plans for Midtown Tower
  • On the residential side, there will be 186 rental apartments and 24 for-sale units
  • Condos reside on floors 14 through 17 with terraces
  • 8 relatively large footprint commercial spaces occupy floors one and two
  • PAETEC still plans to establish a world headquarters on South Clinton Ave.

I am pleased to see that a hair over 1/3 of the rental apartments are 600-660 square foot one bedroom units. This ought to lend itself to affordability, possibly even to college students, though the rent range remains to be seen.

The 14th floor condo units are preposterously awesome, some boasting terraces that are larger than my entire townhouse due to the narrowing of the tower at this point. The six units on the 17th are all 'penthoused' as they'll be merged with what is currently the 18th floor.

The exterior is lacking, but there's only so much magic you can work on no-thought 1960's construction (I won't even call it architecture). My wife's concern is about the financing increment that I've been harping on lately as a real drag on major development projects. I think the involvment of Christa/Morgan gives this an excellent chance to become reality. The partnership is paying 91.5% of the upfront project cost through a line of bank credit. I've got to think that their reputation and credit is in reasonably good shape due their Sagamore experience.

Here is the complete package in PDF form. I found it to be an enjoyable and encouraging read. Something I found exceptionally interesting is the plan to re-divide the superblock, re-establishing Cortland Street and rerouting others. One can see where Paetec is slotted to fall in. I'd really like to see some news on that portion of the Midtown Redevelopment, the silence doesn't bode well to me.

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