New lease on life for stalled Optimist Park condo development

After sitting unfinished for about a year, a condo development near Uptown is cranking up again.

Construction at Tuscan Development’s Bloc90 is scheduled to start in the next 30 days, and the first phase should be completed during the first quarter of 2010, said T.J. Larsen of My Townhome Realty, the development’s listing agent.

Like many condo and townhome projects around Uptown, Bloc90 faltered last year after financing for construction dried up. “It delayed things much longer than we would have liked,” Larsen said. “But in hindsight it might not have been such a bad thing. We look to be entering a much better market than we’ve seen over the last couple of years.”

Bloc90 is located in Optimist Park, which is sandwiched between Uptown and the NoDa neighborhood. The condos have a modern and industrial architectural style, with sleek lines, block walls and stained concrete flooring.

The development’s first phase will consist of two three-story buildings with a total of 36 apartments. Larsen said these first two buildings are nearly complete, and only interior work remains.
The building’s first floors will be one bedroom apartments with just under 800 square feet. The second and third floors will be two-bedroom apartments measuring about 1,050 square feet, some with balconies.

When completed, Bloc90 will consist of five buildings on just over two acres and a total of 90 units. Larsen said Tuscan Development is waiting to see how sales go in the development’s first phase before moving forward with new construction.

“No one wants to break ground and have a lot of vacant inventory,” he said.

Larsen said Bloc90 is an affordable option for young professionals and couples who want to live near Uptown. Prices range from $159,900 for a one-bedroom and between $199,000 and $230,000 for a two-bedroom.

Block90 is one of several stalled projects that are scheduled to start up again. Others include The Vue and The Park, both high-rise condo towers in Uptown.
Larsen said My Townhome Realty is also working on several condo projects still in the development phase with The Boulevard Company.

“I think developers are starting to feel like they’ve got a handle on what the inventory levels and absorption rates are, and they’re certainly getting much better deals on constructions costs, so I think we’ll start to see more building again.

By Sam Boykin and The Mecklenburg Times

To schedule a consultation on the pursuit of short sale homes contact T.J. Larsen at 704.927.4431 or email tj@mytownhome.com. 

Search our website to find out more about us, view available properties in our online database that is updated daily, and/or request a market analysis of your property. Please contact our agents with any questions about buying, or selling a condo, townhome, or loft.