Vyne on Central, a residential project that began as condos but got whacked by the housing meltdown, completes its resurrection as an apartment community this weekend. The community, located at 3220 Central Avenue, will celebrate the completion of its second phase Saturday with a 10 a.m. ribbon-cutting ceremony.
Developers unveiled plans for the project in the Plaza-Midwood neighborhood just before the recession hit. They'd conceived it as an environmentally conscious 33-unit condo project. By 2009, with the housing market decimated, its backers resorted to offering potential buyers a free overnight stay in hopes of convincing them to sign contracts. Development group 759 Ventures, which also owns Edgeline Flats in NoDa, acquired the project and converted it to rentals last year. The new phase includes 65 one- and two-bedroom apartments. The developers say the new phase, with rents starting at just over $1,000, is one-third pre-leased.
Chris Needham, the local principal of 759 Ventures, said the group is pleased with how the project turned out, and added: "The success of the leasing shows people love living near the fun environment of Plaza-Midwood."
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3 comments:
the Vyne is actually in the Commonwealth Park neighborhood, but a short distance up Central Ave. from Plaza-Midwood and the Thomas Street attractions.
Eric, it would be interesting to learn why developers remain more comfortable with the newest upteenth rental complex as opposed to the first condo project in 6-7+ years.
Easier to rent than sell, and you do not have to sell a certain percentage up front in order to finance the project.
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