941 Penn Avenue Residences is welcoming its first occupants, while pre-sales at
Otto Milk Condos have reached 25%.
941 Penn—Downtown’s first condominium to receive the city’s Enhanced LERTA 10-year post-assessment tax abatement—welcomed its first residents on Nov. 12. Condo owners like Todd and Dorna Palcic, expected to save $60,000 in 10 years, were greeted by Mayor Ravenstahl. With 17 condos ranging in size from 1,350 to 3,000 square-feet, the $9 million project features a glass exterior, nine-story atrium, terraces, and historic masonry.
“Our demographic spans four decades age-wise. We have people from Seattle, Kuwait—all over the world” says project spokesperson Kathy Wallace. “They’re the first buyers Downtown to have this benefit applied to their property.” Enhancing existing LERTA and Act 42 tax abatement programs, the legislation is spurring development Downtown and in 26 neighborhood growth zones.
Jack Benoff of Solara Ventures, developer of 941 Penn, is also redeveloping the Strip District’s Otto Milk building as a 56-unit condominium. Located at 2501 Smallman St., the 120,000-square-foot project will feature a pet washing facility, gym, courtyard, and business center. With site clean-up and demolition underway, the $20 million project is expected to be completed in late 2009.
Ranging in size from 800 to 3,600 square feet, condos are priced between $183,000 and $1.3 million. “We want a first-time buyer price range. Within 500 feet, you can go to a neighborhood pub, deli, club or high-end restaurant,” adds Benoff, who is working with
Indovina Associates Architects on both projects. “We’re restoring the tower back to its original look. We’re keeping the majority of the existing structure and adding a contemporary connecting building.”
Writer:
Jennifer BaronSources: Jack Benoff and Kathy Wallace, Solara Ventures, IV, LLC
Image courtesy Solara Ventures, IV, LLC