Developers offer a peek inside Underwood condos on Dickson
Posted on Wednesday, May 14, 2008
Despite the tight real estate market, the development group behind Fayetteville's latest condominium project, The Lofts at Underwood Plaza on Dickson Street, said people are still interested in the lifestyle that a downtown address affords.
Sheree Alt, of Alexander Merry-Ship & Alt Real Estate Group, said the developers held a reservation party Saturday, inviting people who had been on the project's inquiry list since 2005 to preview the model units. Ten of the 54 units were spoken for by the end of the night, she said.
It all has to do with the location and the amenities available, she said.
At nine stories, the building will be the tallest on Dickson Street, Alt said. The project received its building permit just before the Fayetteville City Council passed an ordinance limiting building heights to six floors.
The first three floors are reserved for commercial use. Alt said she has been approached by a French restaurant, an Asian-themed restaurant and a women's clothing store. The second floor will include a fitness center for the residents to use.
Residential units range in size from 600 square feet to more than 2, 600 square feet with prices ranging from just less than $ 200, 000 to about $ 1. 3 million. All of the units are different, Alt said, with many featuring views of the downtown area and the University of Arkansas campus.
The units are scheduled for completion at the end of August.
Rob Merry-Ship, one of the six owners of the project, said people in the market for condos have different needs than the housing market offers. Many people are looking for an investment, he said, or a second home.
"They're paying for a lifestyle. It's more than just a building," he said. "There's a trend to live downtown in a vibrant community. You can step out and get a choice of drink, dinner and entertainment. "
Merry-Ship said he also credits the partnership for making the project successful.
Bill Underwood and Craig Underwood, who operate Underwood's Fine Jewelers, partnered with Merry-Ship, Richard Alexander, Ted and Leslie Belden, and John Nock on the project.
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