StoneBridge (2nd Street South & 11th Avenue South)

[bubzki2]

Perusing the StoneBridge leasing website did anyone else notice that most sold units are on the lower floors? I suppose that's largely due to the fact that prices are far lower, but I would have thought the 10-11-12th floors would have been some of the first to go. Anyone else surprised?

[Tyler]

To me, I'm not surprised. If I was a high end buyer, Stanton's buildings would not appeal to me at all. I think he does much better with the buyer focused on price/sq ft. The same reason they chose Stonebridge, is the same reason the choose a lower floor over a higher one.

[min-chi-cbus]

So how do you think that bodes for the units on the upper floors? A vacancy (long-term) in this market right now would be a bad sign, in my opinion.

[bubzki2]

Especially going back to the whole discussion about higher units with views driving the market for new high-rise condo developments. If I were planning a tower and saw that the higher units weren't selling quickly I'd probably be a bit gun-shy to build a skyscraper condo building, right?

[Silophant]

That's true. If even the 10-12th floor units in this building are having trouble selling, a tower on this site probably wouldn't have been the home run that people were talking about upthread.

[Andy]

I've been watching this closely.

The $1Mil+ units on the upper floors were among the first to go as were the corner units with the best layout and views of the park, Guthrie, and river. Might have been better for them to consolidate a few of the smaller units on the upper floors to create more in the 3,000 sq ft range, rather than offer largely the same floor plans as lower levels.

Given this, it's not surprising that the rest would tend to fill from the bottom-up, especially since it's not possible to access the units yet and SEE what the extra premium associated with a higher floor buys. I think the presales levels look very encouraging for this project and the market overall.

[bubzki2]

That's a plausible explanation, and I sincerely hope you're right!

[Wedgeguy]

Floors 11-12 start at 1600 Sf - 0ver 2000 Sf so these are generally 1000 Sf larger than the lower floors. This is probably why they are not selling as fast. Who really need the extra square footage when they have the same views.

[min-chi-cbus]

Families.

[MNdible]

DINKs with Dogs.

[seanrichardryan]

People who like square footage, for things.

[ECtransplant]

For stuff.

https://www.youtube.com/watch?v=JLoge6Q ... ata_player

[Didier]

If they had only built it taller then these units all would have sold already.

[bapster2006]

Looking good from the south side of Gold Medal Park.


Stonebridge 10-5-13 by bapster2006, on Flickr

[Wedgeguy]

This is getting better looking all the time!!

[John]

Like the mix of the black metal and glass with the warm beige brick. There are also some silver metal accents and a lighter colored metal framing around the glass exterior of the angled northwest corner. Nice looking!

[lordmoke]

The tower crane has been coming down for the last couple days.

[topher hoefer]

Working down the street, it was fun to watch this go up. The exterior elevator is still running all day every day ... looks like they're bringing in appliances and finishes. The HVAC seems to be up and running, as there was steam coming out of the first floor exhaust this morning. Lots of brick work to do and lots of finishing to accomplish, but it's pretty sealed up

[Nathan]

From the East: https://www.dropbox.com/s/ag39pr1xusvyq ... 115110.jpg

From the West: https://www.dropbox.com/s/a5dxi4p6t2jrr ... 115159.jpg

From the Stone Arch: https://www.dropbox.com/s/1xkt4fm87mmlf ... 121147.jpg

Crazy how the Guthrie still lords over all of these residential buildings...

[mplser]

Well the Guthrie is close to the river so it would appear to be bigger, right?