Yes, that’s the correct Sandman.
They were asking for $330-$350/sq.ft. in a place that isn’t currently very walkable. There are places for sale right now right in the middle of downtown for $280/sq.ft. They aren’t brand new, but are only 10 years old. I’m glad to see someone attempting to offer smaller sq.ft. units, but if your home is 550 sq.ft. you’re probably going to want to get out a little more. If they were within walking distance of downtown (and only slightly more expensive), I bet you’d see more interest. Maybe they were hoping doctors at WakeMed would buy a unit just to have a place to crash in between working their 3 × 12 schedule on nights / weekends or when on call.
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From day one, for that location, my reaction was SEVERELY OVERPRICED…yes, an all caps sort of sentiment. It’s no surprise to me that sales didn’t materialize. That location isn’t worth that price for units that tiny.
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Well you were right. Like @Mitch points out, these are too far from downtown to begin with and priced above existing downtown units. Did these guys not do their homework?
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They were probably banking on the healthcare industry in proximity buying in as well as the future promise of BRT. Too soon I guess.
The trouble is that you take BRT so that you don’t have to pay DT prices. You don’t take BRT to pay more.
If that project was on the very edge of DT proper, maybe it would have worked?
Excellent point. I liked the concept but it was flawed. We do need micro units but they do need to be priced right based on proximity to DTR.
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Maybe the same scope of project, but at the dmv site?
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This thread called it from early on.
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I’m trying to remember, but I do remember that I went to high school with a member of that family. You might be correct.
Andrew Sandman I want to say. He also had proposed a condo tower where the CDB shop is at Hillsoborough/Glenwood but that was in like 2007 right before things went pop.
I think you went to HS with Barry. Gentlemen’s Club Barry. Actually a really nice family.
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Yep. It was Barry Sandman that was my classmate.
Yes. The developer did propose a residential tower across the Glenwood from OneGlenwood. I trust you on the name.
With a little googling, it seems that there several stories that suggests that Mark and Andrew developed The Paramount, but I don’t recall there being a brother pair as developers.