We don’t think that anybody would describe the 2400 block of Federal Street as a prime location, as its western end terminates at the 25th Street viaduct. Nevertheless, it’s experiencing a major change, with a row of duplexes under construction right at that end of the block. We last checked in on this project last summer, before groundbreaking and you can see now that the project is moving along nicely. Several units are already under agreement, with prices starting to approach $400K.
The block could soon see another major change, as developers are looking to build an apartment building across the street. 2413-27 Federal St. covers two existing buildings, with one of the buildings rising two stories and the other just one story tall. Between the two buildings, there are three curb cuts, which certainly don’t make for an ideal pedestrian experience and also curtail street parking. This wasn’t really an issue in the past, but given the pace of development in Point Breeze in recent years, every parking space counts.
There’s currently a zoning application on the property to demolish the existing buildings and build a new four-story structure with 24 apartments, 14 car parking spaces, and 10 bike parking spaces. This would clearly be a huge upgrade over the existing buildings, and we appreciate that the proposed height would bring the new building somewhere closer to the height of the Federal Storage building next door. With the success of the duplexes across the street, we could see a world in which these units were offered for sale as condos. Even a year or two ago, we would have only expected rentals here, and condos would have been pretty much inconceivable. It just goes to show how much things have changed in the Point Breeze market in a very short time.
Of course, the project still needs to go before the community and the ZBA, so it’s no sure thing that the anything will actually happen here. But assuming the developers get the approvals they need, we’re confident they’ll do well for themselves, whether they opt for rentals or condos.