While residential building is booming Downtown, most of the new units will be rentals--there's a real condo shortage and prices are on the move (up). Prolific developer Barry Shy (who's got a ton of projects underway and already under his belt in Downtown) is seizing the moment and planning to convert two of his Historic Core apartment buildings, SB Main and SB Spring, into condos. Together the two 12-story buildings will have 421 live/work units and 20 commercial units, according to the Downtown News. Shy says he'll ask about $500,000 to $660,000 for each unit and give renters first dibs (either way, they'll be able to live out their leases). Earlier this year, Shy said he wanted his buildings to go condo, but that he wouldn't do it until average sales prices hit $500 per square foot--at 900 to 1,100 square feet, he's asking about $550 to $600 per square foot. Broker/blogger Brigham Yen first reported on the potential conversion and pointed out that only 68 of 5,000 residential units underway in Downtown would be for-sale.
· Developer Barry Shy Intends to Turn Two Apartment Buildings Into Condos [Downtown News]