According to Greenline Real Estate, the owner of the property has designed and received approval for a 20 unit condo building with underground parking. The lot, with pending approval on the plans, are for sale currently, listed for $1.7 million. Although the current owner (who has owned it for approximately a year), does not have any plans to actually develop the condo building, having the plans already approved makes it so much easier for a developer to buy and build instead of having to go through so much bureaucracy that can sometimes hinder development.
The twenty unit building will be all two bedroom, two bathroom spaces, most with balconies. The location is directly across RIA from Flip-It.
Let’s keep our fingers crossed that a responsible developer will purchase this great opportunity. RIA NE definitely needs some residential density to help attract more businesses!