Ralph Brooks Park, at the southeast corner of 20th & Tasker, underwent a massive renovation a couple years back, thanks to the efforts of Urban Roots and former Eagle Connor Barwin. In the time following that renovation, we saw increased development activity in the vicinity of the park, with tons of new construction on the 1900 and 2000 blocks of Fernon Street. Many of those homes have now sold, with prices in the mid-$350K range.
It should come as no surprise then, that development in the area is continuing to roll along. At the intersection of 20th & Mountain, just steps to the south of Fernon Street, there are multiple projects in various states of construction. At the northwest corner is the most visible project at the moment. Developers bought 1624 S. 20th St. less than 3 years ago for $45K and they got an amazing deal, as someone would probably pay three times that amount today. Currently, those developers are working on a building with retail on the first floor and one residential unit above. We wish them luck in finding a tenant for this space, we suspect it’ll be a real challenge.
You’ll notice in the photo above, there’s a zoning notice posted next to the building that’s under construction. It so happens, the developer that owns 1622 S. 20th St. also owns two vacant properties across the street. This week, they’re going to the ZBA to propose three duplexes on these three lots. The zoning here is for single family homes, but the fact that this developer is looking to build duplexes is a strong indication that condos are becoming a more attractive approach in Point Breeze. While this is a sure sign of gentrification, it’s also an opportunity for more affordable units. The price for a lower condo unit in this area will surely start with a two, and as we told you earlier, the prices for new homes around the corner are in the mid-$300K range. We get it, a condo isn’t the same as a whole house, but for people looking to buy in Point Breeze it’s still an opportunity.
The most straightforward project is happening on the southeast corner, where a foundation has been poured and framing is just getting started. This will be a single family home when it’s done, and we imagine it will sell for way more than the homes around the corner on Fernon. The higher price will be due to the larger lot size and the fact that it’s on a corner. And maybe parking will be possible? We shall see.
Even with all this development, there’s still plenty of vacancy nearby. In other words, look for even more development around here in the near future.