Low-Rise Condo Project Leasing Up Quickly

EMERYVILLE, CA-SNK Realty Group is enjoying a speedy sell-off of its low-rise condominium development here. Sales for 60% of the 102-unit first phase of the L-shaped, four-story building have either closed or are under contract three months after Phoenix-based SNK began taking reservations. Andante Emeryville is located at the confluence of 40th Street and San Pablo Avenue, a couple of blocks away from the Pixar campus and some of the newer developments along San Pablo. SNK vice president Don Peterson tells GlobeSt.com that the units are selling for an average of $450 per sf. Construction on the 23-unit second phase begins this month. He expects to sell out the first phase by this summer and phase two by the end of the year, well ahead of the pro forma.”We anticipated a great deal of interest in the property (but) demand for homes has far surpassed our expectations,” he says. “Having a majority of the units with one bedroom at an attractive price point, that clearly was a draw in this marketplace.”About two-thirds of the units have one bedroom and the rest are two-bedroom units. There Unit square footage varies from 622 sf to 1,313 sf. All homes have granite countertops in kitchens and bathrooms, custom built-ins, black appliances and simulated wood flooring. Catwalks link each floor to the structured parking garage. Homeowners are allotted one dedicated stall per bedroom.The project includes about 15,000 sf of retail space, including a 4,700-sf restaurant space at the corner of 40th and San Pablo. SNK is still in preliminary negotiations for the retail space and weighing its options. “We are part of the revitalization of the San Pablo Corridor,” says Peterson. “The fact that we are right in the midst of creating the residential mass is directly impacting interest on the retail side; we could sell off to an investor (after we lease it up) but we are also looking at the potential for a sale now.”