Tuesday, Oct. 09, 2007

Canalside condos to start at $180,000

Condos in CanalSide - the first of four major developments planned for downtown Columbia - are hitting the market starting at $180,000, lower than some market watchers had expected.

New condo prices in the Vista riverfront area and around USC's Williams-Brice Stadium are running from $220 per square foot to $400 per square foot. CanalSide's condos, now available for pre-sale, are about $200 per square foot.

All eyes are on The Beach Co., the experienced Charleston developer behind the project. Because this is the first of four large residential projects to be built downtown, CanalSide prices are considered a bellwether for future development in the new and uncertain market.

What is built in CanalSide also will affect the blend of stores, offices and homes in the other three major developments that have been announced - the Bull Street Neighborhood, the Kline Center on Gervais Street, and USC's research district in the heart of the Vista.

The Beach Co. vice president Dan Doyle said the lower-priced initial offerings are intended to attract a broad range of buyers to the new neighborhood, located along the Columbia Canal near Riverfront Park.

"We wanted to deliver a quality product at a very reasonable price," Doyle said. "That's what we said we were going to do, and we're doing it."

The top end for CanalSide's condos, which run 908 to 1,507 square feet, is $305,000. Units in other, smaller Vista projects are being offered for up to $1 million for a penthouse loft.

Also available now for pre-sale are CanalSide's town houses, ranging in price from $400,000 to $470,000, or about $218-$233 per square foot.

Meanwhile, undeveloped single-family lots at the site - made available for pre-sale in July - are being snapped up by builders for prices ranging from $180,000 to $200,000.

The company has commitments on six of the 10 lots released and strong interest in the other four, Doyle said. Another 10 have yet to be released for pre-sale.

David DiPietro has built homes in The Beach Co. developments on the coast and is purchasing a lot at CanalSide. He plans to contract with a home buyer and build to their specifications. The price will likely be in the $600,000 range, he said.

"I just think this development is something that Columbia has never seen before but is ready for," said DiPietro, whose Truepenny Homes Inc., has offices on Charleston's Daniel Island and in Blythewood.

He said builders are purchasing the lots rather than regular home buyers because they are more familiar with The Beach Co.' s other developments, such as the luxury homes on Kiawah Island.

Also, CanalSide now is just a brownfield. Despite the release of floor plans, renderings of buildings and a slick advertising campaign, it is hard for average buyers to imagine what the new neighborhood will be like.

It will be six months before streets, curbs and gutters and other infrastructure is built, and perhaps another 18 months after that before buildings are completed.

"I can visualize what they will do," DiPietro said. "And they will do a really good job."

While the least expensive units in the initial offering are considered affordable to the Columbia market - meaning a family of four making $48,000 could qualify for a city-backed loan to buy one - more expensive units will be built.

Two eight-story towers featuring retail, offices and high-end residential eventually will overlook the Columbia Canal and the Congaree River beyond.

The development also will feature apartments.

Fred Delk, executive director of the Columbia Development Corp., the city agency that promotes growth in the Vista, said The Beach Co. is providing the mix of housing the developers promised when they purchased the old state prison property last year.

"This is a demonstration of the market at work," Delk said. "The Beach Co. is a very savvy developer. And they are going to have a great mix of people."

Reach Wilkinson at (803) 771-8495.

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