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Chad Davis, president of East Coast saidthe project, called The would be done in an ultra-contemporary style with an industrialk feel that includes features such as corrugated metal, exposedr concrete and steel mesh defining the building and its livingv spaces. The District will be a new building on the east side of Trade Street, north of Seventh "This is going to be totally differeny than anything that's been done Davis said this "Everyone has done a red bric building. We want to play off the successa and the feel of the arts district and I thinkthat there's always a market for contemporary architecture.
" Davis said he'l start presales immediately, and hopes to begi construction "in a couple of The District will have units ranging from 611 square feet to 2,209 square feet, with the majority being the smaller, studio variety. Prices will range from abouft $160,000 to $570,000, meaning although overall cost for some of the smallerd units will be lower than the average cost ofcondos downtown, the price per squarde foot, at around $250, will be higher. Most residential projects downtown have sold units foraround $200 per squarr foot. In addition to the residential there will bethree first-floor retail one of which will likelyg contain a restaurant, Davis said.
The project could also grow in the he said. In addition to the land for The Davis haspurchased 3.8 acres of adjacent land that coulr hold three other though he said there are no set plans for more and some of the land could be kept as greenspace. The entirse site, including where The District will soon currently contains twoabandoned buildings, two small apartment buildings and one Davis said. Residents of the existing buildingsa will not be affected by thenew structures.
The location of the District will be close to the renovatiojn of the former TobaccoSquare building, which is being turned into 30 residential condoxs by local developer Chris Kellner, who announced his project in December. Kellner is currently in the presale process before he converts the space into what will be callecd Eight ThirtySix Oak. The nortg side of downtown has begundevelopinf briskly, especially along Trade Street, where the Traderd Row building is nearly complete and will housre Walter Robbs Callahan Pierce Architects, , the sports-marketing firm and some residentia l condos.
In addition, the Goler which consists of a senior-living facility as well as for-salew lofts in the former Brown Williamson building, is within a few and a developer out of Las Vegas has announcef plans to renovate a building on North Liberty Stree t into 36 condos. But it's not just the nortgh end of townwith momentum. Residential development remains brisk throughoutfdowntown Winston-Salem. Jason Thiel, president of the , said 700 unitsd have been built in the last five years and anothed 300 are currentlyunder construction.
"This market is stilpl in its adolescence," Thiepl said, adding that he thought The Districr was at a great locatiobn and would provide a new type of unit for potentialdowntowbn buyers. But while developers say they're selling units, the rate of presaled seems tobe slowing. Presales are important because lenderx normally require a certain percentagre of a building to have commitments before it will issue a loanfor "It's slowed a little bit because there's just more on the market," said Ashleh Ackerman, who is leadinv the sales efforts for Boulevard the developer of West End Village at the corneer of Fourth and Broadd streets.
The first two buildings in West End which arenearly complete, have contracts in place for 55 of the 72 Ackerman said. Boulevard Centrl was slated to begin closing on those contractsthis week, he said, as the first building, called The is finished. A third building, however, whicgh was first announced in December has just 15 of its 54units reserved, Ackerman said, and has not yet gone undet construction. Beau Dancy is finding a similar problem with his 248 Sout Maindevelopment downtown. While his two most recen residential buildings, The Mill at Tar Brancyh and Tar Branch arenearly full, he said presales have been slower than expecte d on South Main.
Thiel admittedf that some projects were strugglingg to reach their presales figures in atimelyu manner, but said that much of that was due to more option s being on the market and already built. "It'se just a matter of absorption and he said. "We've had a lot come on the marketr in ashort period." Dancy saying it could be difficult to lure buyers with a plan when already under-construction developments could show sample units. Davis is not new to downtow development.
East Coast Capital is in the process of buildingThe Gateway, a mixed-use developmenft just south of downtown near Old Sale m that will include residential, office and retaiol uses as well as a YWCA, whic h is under construction.
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