Route 120 developer switches plan, aims for condos and not apartments
With foundation work set to begin on a high-end housing project on Route 120, the developer plans to seek city permission to sell the 75 units as condos rather than rent them as apartments, the original intention.
Developer ICV's market research suggested that the demand for condos is even greater than that for apartments in the growing residential area around Dartmouth-Hitchcock Medical Center and the Centerra office park, said David Schilling, who works in the company's Burlington, Vt., office.
High demand makes for high prices. Units in a new condo project nearby, 20 Morgan Drive in Centerra, have sold in recent months for between $295,000 and $600,000, according to city of Lebanon assessment records.
ICV's plans for the building itself aren't changing: 2 levels of covered parking and four floor of units, 50 of them one-bedroom and 25 two-bedroom. There will be roof-top terrace, on-site storage, a fitness room and lounge. Schilling said it's too soon to discuss anticipated sales prices.
The site lies behind the Mascoma biofuels building along Route 120. Foundation work should begin this week.
According to city planning records, it's a $12.8 million project on 42 acres. It will sit behind another ICV project, the office building that houses Mascoma biofuels.
"We’re excited about it. I think it will be great for all those folks at Dartmouth-Hitchcock who are traveling an hour each way because they can’t find housing nearby," Schilling said.
Schilling said switching a project permitted for apartments to condos will require a fresh approval by the city of Lebanon.
ICV, by the way, stands for Investors Corporation of Vermont.