The Shocking Fact About Luxury Condos
The conventional formula for condos has held that you can sell smaller ones for more money per square foot. Makes sense, right? Well, all you rich empty nesters and Russian oligarchs who want big places have dramatically changed that reality.
CityInterests partner Peter Farrell holds up a secret document proving that. Actually, it’s a sketch he did for us, in an airport waiting area, of a project his firm is starting Q3 with Rooney Properties for 80 ultra-luxe condos at Robinson Terminal North in Old Town, which are expected to be popular — and expensive. They’ve gone through five layers of review for entitlements, including for a 115-key boutique hotel and 20k SF of retail. The C’s stand for condo, the H for hotel, and what looks like PW does not stand for password but is actually “Pav” for pavilion, which is the retail that will jut out toward the Potomac, with the squiggle at the bottom being the pretty water everything will face.
You may remember Peter as a former Cassidy & Pinkard broker, then president of Medical Office Properties REIT. And Rooney president Jim Lee as president of Opus East, and more recently of Manhattan Construction, a part of Rooney, which is a Tulsa-based fourth-generation family firm started in 1896. Jim’s overseeing $400M of real estate here, including investments in three SB Urban projects, and several out in Reston.
