Kehoe Closes on Land for Luxury Condo Project

PORTLAND-Coming off a successful conversion and sell off of the Uptown Heights apartment complex, local developer Marty Kehoe has paid $3.3 million for 1.62 acres of dirt on Northwest Westover Road for a ground-up condominium development. The proposed five-building, 73-unit luxury for-sale residential complex is slated to break ground in June and be complete in late 2007. Each of the brick buildings will be about five-stories high with underground parking and very high finishes. The project includes nine penthouses. Units are expected to sell for between $700- and $1,000 per sf. Architect Barry Smith of Portland is the project designer. The estimated hard construction cost for the project is $30 million, not including entitlements, design, insurance and sales commissions, among other things. The expected sellout is about $50 million, Kehoe tells GlobeSt.com. “It’s high enough up (Westover Road) for great views but low enough that you can walk down to Northwest 23rd (Avenue) in about two minutes,” he says, and apparently others agree. The listing agent, MJ Steen of Windermere Real Estate tells GlobeSt.com that 94 people have signed up to attend the reservation party on Monday. By 5 p.m. Wednesday, those interested must submit their first, second and third choices for units. By Friday, prospective purchasers will be told what units they can purchase, at which time they will be required to put down a $10,000 refundable deposit. The deposits go nonrefundable in early June, she says.Meanwhile, not even a year since his acquisition of the Uptown Heights apartments on Northwest Uptown Terrace, which sits above Westover Road, Kehoe has only 19 of 108 units left to sell, putting him a year ahead of schedule. Kehoe paid $141,666 per unit for the complex and has been selling them off at between $185,000 and $300,000 per unit.Kirk Taylor and Ann Blume of CB Richard Ellis brokered the sale for Kehoe’s latest project.