Back in January, we told you about a proposal for six homes at 2631-35 E Norris St., a large lot that's been vacant for quite some time. The community wasn't into the plan however, and you can see a number of arguments against the project in a lengthy thread on Fishtown.us.
To make a long story short, many people objected to the density of the project and wanted the developers to build only three homes on the three lots. Density, it turns out, wasn't what brought the project to the ZBA. Instead, the developers had to go before the community and the ZBA because the property is zoned for commercial use, and because the homes the proposed didn't have enough open space. By right, they could have built a single home and two buildings with first floor commercial and four apartments above each. To us, six homes seemed like a far more appropriate plan for the parcel and it seems the ZBA agreed, since it granted the variances back in February. Passing by the lot last week, we spotted a sign advertising the project.
The developers are calling the project Thompson + Norris, which will make it really easy for someone to find it on the map. The project website has some renderings, so you can get an idea of what to expect when the homes are built.
According to the sign, the homes will start at just under $400K but by the time the last home sells we wouldn't be surprised to see that price point eclipsed by a decent margin. After all, catty corner to this project, three homes were built a couple years back, replacing one of the "bathtub parks," and those homes all sold for around $400K. With the market stronger today than it was back then, we would expect higher sale prices at Thompson + Norris.
But who knows, really. Construction hasn't even started yet. By the time the last home sells, the market could grow softer. Or it could be even hotter than it is now. After doing this for while, we've learned that we can try to predict the future, but we never know for sure what tomorrow will bring.