First Units in Palmer Square Residences Slated for Completion by Spring of 2010

Dilshanie Perera

With construction progressing at a steady pace along Paul Robeson Place and Chambers Street, the Residences at Palmer Square, also known as “Hulfish North,” will begin occupancy in stages, with the first residents moving in by spring of 2010.

Once finished, the project will include 17 townhouses and 83 condominiums, with prices ranging from $1.2 million to $3 million, according to Sales Manager Jay Goldberg.

“Our original range was 1.5 to 3 million dollars,” Mr. Goldberg explained. Due to sensitivity to the housing market, the range was extended, he said.

Construction on the development is happening in phases, with Phase 1 scheduled to be complete by the end of 2010. Mr. Goldberg estimates that five townhouses will be available in the spring, with six more finished by the year’s end. The first 16 condominiums will likely be ready for occupancy in October or November, he said.

While project developer Palmer Square Management, LLC, awaits final approval from the State Department of Community Affairs to begin writing contracts for the sale of the units, Mr. Goldberg reported that many people have already expressed interest, and have been invited to preview the amenities of the Residences at the Sales Center at 53 Hulfish Street. “They are getting themselves ready to purchase in late January or early February.”

“So far, it’s local folks, but we haven’t begun advertising yet,” Mr. Goldberg said. He expects the residents of the new development to encompass a “fairly diverse target market,” including couples with children, as well as retirees.

The townhouses are all equipped with private elevators, and have at least three bedrooms and 3.5 bathrooms, while the condominiums are mostly 2 bedrooms with at least 2.5 bathrooms.

Comprised of six separate buildings, the condos will range in size from a one-bedroom unit of about 1,400 square feet, to a three-bedroom duplex over 3,200 square feet. Residents are guaranteed a space in the underground private garage built to house the future development.

Approximately 48 of the homes will be for sale, while 52 will be rentals, though the exact numbers are subject to change depending on the sale market, Mr. Goldberg said. Rentals would become available sometime in 2011, and would range from $3,500 to $6,000 per month.

In other downtown construction news, developer Jack Morrison reported that “Building C,” or Phase II of the downtown redevelopment project, comprised of 53 rental apartments on five stories with retail on the street level, is on track for completion by spring 2010.

Rent is estimated between $1,900 to $3,000 per month, and the retailers that will occupy the ground floor space have been determined and will be announced soon, Mr. Morrison said.

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