By Dave Schwab
Demolition will begin soon on the office building and cottages at the corner of Pearl Street and Herschel Avenue to make way for 24 townhome units.
The 27,687-square-foot development site at 1030 Pearl St., which includes an office complex and eight yellow beach cottages, was purchased by Zephyr Partners for $7.5 million.
Brad Termini of Zephyr Partners talked last week about plans for the new development.
“They’re (townhomes) going to be two stories above a garage, and will be the same height as all the rest of the buildings in the neighborhood,” he said. “We’re going to have one-, two- and three-bedroom units on two parcels — one with an existing, one-story commercial structure adjoining another parcel with little yellow cottage apartments.”
Termini said the previous property owner went through the community approval process for the project and got it “teed up and ready to go.”
“We’re going to begin construction next month (April),” he said, adding he expects demolition to take about a month.
Tenants in the commercial building, including a couple of dentists, an insurance agent and a psychiatrist on month-to-month leases, had vacated the premises by last week.
“All of those businesses have relocated to other parts of the Village,” Termini said.
The recession caused Zephyr Partners to rethink the proposed residential project on the site.
“We’ve been trying to find unique locations where we could build new product and deliver at a good value,” said Termini, noting the price of townhome units originally pegged at $1 million-plus has been scaled back. “We think today’s market is really $600,000 to $975,000, not above $1 million,” he said. “If you’re offering quality homes that are well built and highly amenitized at today’s values — people are driven to that.”
Zephyr’s housing project, yet to be named, will be townhomes, not condos.
Termini explained the difference: Condos are stacked apartments with somebody below or above and on either side of you with shared parking and some shared amenity like a pool. In our townhomes everybody will have their own walk-up entry. There’s no common hallways. You have your own front door. Everybody has their own two-car garage and it’s on-grade, not subterranean.”
Many of the townhome units will have rooftop decks offering ocean views.
Termini said it’s anticipated the project will be completed and opened in April 2012.
“We’re going to set up a sales office and a showroom somewhere downtown this summer,” he said. “We’ll have renderings and start to capture some buyers.”
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