The Ratcliffe on the Green, a 10-story, 57-unit condominium/retail complex tentatively slated for occupancy in first quarter 2002, is expected to immediately spur new office or multifamily development proposals on nearby vacant land, according to developers familiar with this section of the center city.

First Union unveiled the condo project Feb. 12. Grubb Properties and Richter & Associates, both locally based, are the joint developers. The condos, averaging 2,200 sf, are priced from $200,000 to $1.3 million. At an estimated average sale price of $300,000, the sell-out value of the units could be at least $20 million, luxury shelter estimators who have worked on similar projects tell GlobeSt.com.

The units are expected to be sold quickly to move-up homeowners desiring to be near uptown's entertainment and cultural areas, local marketers tell GlobeSt.com.