We’ve been following incremental changes on the 2400 block of Coral St. between Hagert and Boston Streets in the last few years, as we’ve seen three new homes get built and some others get renovated. Just two properties remain vacant on this block, a City-owned property and a privately owned double-wide vacant lot that’s been waiting for its moment in the sun. For the City owned lot, the status quo remains. But for the double wide lot, development should be happening very soon.
You can almost see in the second image above, there’s a zoning notice posted at 2425-27 Coral St., the aforementioned vacant lot. Here’s a better look at what we’re talking about.
Given the development history on this block, we assumed that the owners would be looking to build a pair of homes on this lot, which measures 29′ x 60′. You could build those homes by right and probably sell each for around $400K. But these developers, who bought the lots for a combined $170K about a year ago, are throwing us a curveball. Rather than building single family homes, they’re merging the lots and building a rather wide triplex. We will say, three large flats will probably lay out very nicely, while 14.5′-wide homes are suboptimal, as we’ve said before. We have to imagine that these units will be offered for sale as condos, but that’s speculation.
Speaking of speculation, who wants to guess what business will be taking over the retail space at the end of this block? We’re pretty sure we heard previously that a noodle place would be opening here, but either we’re remembering incorrectly or that plan fell through. The 525 sqft space is listed for $1500/mo on Loopnet, so if it looks like a dream location for your small business, the opportunity is absolutely out there.