A few days ago, we told you about plans to demolish a long vacant warehouse at the corner of 10th & Mount Vernon, and to build a row of five duplexes in its place. To the east and the west of that project are homes that are part of Spring Arts Point, a development that’s been slowly growing in the neighborhood since before the great recession. When Spring Arts Point is finished, it will have added over four dozen units to this area. As we told you the other day, the ten home phase on Mount Vernon Street sold out and at prices exceeding $500K per unit.
You can see, there’s one section of the project that isn’t centered around the intersection of 10th & Mount Vernon, and that’s a six home offshoot on the northwest corner of 11th & Wallace. That parcel has been sitting vacant for many years, with a sign advertising the upcoming development. The sign is now gone, as the homes are under construction.
As the site plan indicates, plans call for five homes on 11th Street, one home on Wallace Street, and a parking lot behind the homes. The homes sold around the corner on Mount Vernon Street at prices exceeding $500K, and according to a representative from developer Rust Real Estate, five of the next six homes in the project are sold at prices past $600K. But we can’t be sure that they were referring to these homes or some other phase of the project. No matter, we wouldn’t have predicted these kinds of prices when we first covered this project back in 2012.
We should mention, the six Spring Arts Point homes are not the only construction on this stretch of 11th Street. Just across Wallace Street, you can see there’s a new foundation at 638 N. 11th St. which will turn into a quadplex. On the other side of 11th Street, 633 N. 11th St. has already been framed out and that will eventually be a duplex. All of these projects are definitely encouraging for the neighborhood, but you can see that a significant amount of vacant land remains in the area. This tells us that in the coming years, we’ll be coming back to this neighborhood time and again