It was a little over a year ago that we told you that developers had purchased the long vacant lot at 617-21 Moore St. and redevelopment was on the horizon. We shared the details of the project, that it would include four homes on Moore Street with two of those homes interrupted by a drive-aisle, and five homes to the north on Pierce Street. We even included a shmancy 3D rendering, to give you an idea of what kind of project to expect.
Checking in now, we see that the project is moving forward. Already, all of the homes have been framed out, with a little more progress on the Pierce Street side. We figured that some of the homes would be listed for sale by now, but it seems the developers are waiting until the homes are a little farther along before putting them on the market. It will be fascinating to see what kind of prices they’re able to get for new construction homes with parking in this area, and how quickly they’re able to line up buyers. We’ll also keep an eye on how much of a price cut the developers must make to sell off the somewhat flawed carriage house units.
The 600 block of Moore Street is rather unusual, as a beer distributor takes up about a third of the north side and a kitchen and bath store occupies the entire south side of the block. As this immediate area hasn’t been especially attractive for redevelopment in the last several decades, these uses have made perfect sense.
We have to think that developers have been reaching out to the owners of these properties of late, making unsolicited offers. We have to think that if the project at 617-21 Moore St. is a smashing success, the frequency of those offers will increase, as will the prices being offered. At a certain point, those offers might prove too rich to ignore, and as a result there’s a decent chance that we’ll be seeing some more changes on this block before too long. Much of that will ride on the success of the project now under construction, so it bears watching carefully in the coming months.