With his unconventional condo project in a former Locust Point grain elevator nearly done, developer Patrick Turner unveiled pricing yesterday for the 228 upscale units and said he expects as many as 60 buyers to close in the next month.
As the housing market tanked, the head of Turner Development Group developed a strategy to forgo pre-sales and wait to set prices until he finished converting the former Archer Daniels Midland Co. plant into housing.
Turner said yesterday that a select group of "friends and family" has been allowed to reserve units at Silo Point and he believes 50 to 60 of them will sign contracts in the next month. The project, near the tip of the Locust Point peninsula, will be completed by mid-September, when the first home buyers should move in.
"We've said we're not going to set prices until we're almost done the building and price it according to where the market is," he said. "People aren't going to pay more than something is worth. The initial prices are below market."
Preview pricing on the more than 30 floor plans starts at $264,000 for a one-bedroom condo; in the $450,000s for a two-bedroom unit and about $550,000 for a sky townhouse. Turner said that the priciest units in the tower building will sell for about $1.5 million and that he expects to price two large penthouses at more than $4 million.
Turner, who bought the old plant from Archer Daniels Midland in 2003, said he has been able to set prices to reflect the current market because "we bought the property right. We didn't overpay for the land."
The sales center will be open from Monday to Sept. 19 by appointment, which can be arranged on Silo Point's Web site, www.silopoint.com. In the past week, more than a dozen potential buyers have made reservations, which require a $2,500 deposit. The building and sales center will open to the public after Sept. 19.
Turner said he has commitments from two restaurants - a gourmet coffee shop and a restaurant that will serve lunch and dinner - a hair salon and a fitness center to open in the project.