High rise living comes with a high price at the Avant, the former Dulski federal building located at 200 Delaware Avenue. Eight of the 27 condominium units being offered in the building are priced at over $1 million. A total of 18 are priced over $500,000 according to today's The Buffalo News. Before you scoff, one realtor familiar with the project says at least three of the $1 million+ residences are already spoken for.
A surge of residential development in recent years has added hundreds of apartments and lofts downtown, but no condos until now. You will need deep pockets to buy one of the new high rise homes. Residences at Avant range from a one-bedroom unit priced in the mid-$300's to a three-bedroom residence with a base price of $1,730,000.
Sharon Linstedt has the story:
"We realize these are the highest-priced condos Buffalo has ever seen, but we're very confident there is a market for them," said Uniland Vice President Michael J. Montante.
"We believe the product will create the demand," Montante said. "These are a first-of-their-kind in terms of quality and amenities. The price reflects the value and makes them a solid investment."
Since receiving approval from the state attorney general's office to begin condo sales, Uniland has signed "a good number" of purchase contracts, according to Montante.
Uniland anticipates selling all of the residences within the next 24 to 30 months. Well-heeled "empty nesters" and professionals relocating to Buffalo for downtown corporate jobs and positions at the Buffalo Niagara Medical Campus are prime sale targets.
Demand for larger, more expensive units apparently took Uniland Development Co. by surprise. When first announced, plans called for 37 condominiums on the top three floors. The number is now at 27 as interested buyers asked for larger units.
Residences will be fitted with hardwood flooring and Auburn Watson cabinetry, high-end kitchen appliances, and have at least one patio. Units on the 14th and 15th floors will have ten foot ceilings and soaring 18 foot ceilings on the 16th floor.
Units will feature floor-to-ceiling city and/or water views.
The Avant will include a 150-room Embassy Suites hotel on the first seven floors and 128,000 sq.ft. of office space on floors 8 through 12. Law firm Damon & Morey has signed-on for two floors, or roughly 51,000 sq.ft. of office space. Each use will have separate entrances and elevators, but will share many of the Embassy Suites features and services. A two-story glass enclosed restaurant and an Espresso bar are planned for the first floor.
Condominium owners will have access to 24-hour concierge services, room service and valet underground parking. Buyers will have their own fitness center and party and conference rooms.
Avant joins Waterfront Place in targeting the new build, high-end condominium buyer. Units at Waterfront Place range from 1,342 sq.ft. for a one-bedroom unit priced from $295,000 to over 2,600 sq.ft., three-bedroom units priced from the high $700's. Two eleventh floor penthouse units are priced at over $1 million. Waterfront Place buyers have started taking occupancy in recent weeks.
Residences in the $85 million project are expected to be ready this fall.
I really hope this project works for the long term and that all of the units and office space sell. I am interested to see what the occupancy rate is going to be though for the Embassy Suites. There is only so much demand for hotel space, and I am not sure that downtown really needs another 150 rooms of it.