A privately-owned Waterfront Village parcel could be sprouting new condos as soon as this year. NEMO Development LLC is seeking Planning Board approval to subdivide a vacant lot on Lakefront Boulevard to construct up to 30 townhomes. The site is located between LaSalle Park and the I-190.
NEMO's 1.28 acre parcel is the final piece of the Lake Front Commons development. Construction of what was originally intended to be 78 townhome units proceeded in fits and starts since construction began in 1986. Original developer John Chew completed 16 units before being foreclosed on by Marine Midland Bank in 1988. Another 28 units were later constructed by Jack Decker.
In 2005, Ellicott Development purchased land at the end of the cul-de-sac and completed eight townhome units at 426-435 Lakefront Boulevard. Originally intended to be for lease, each of those units quickly sold at an average price of $245,000.
Sources familiar with the NEMO proposal are not releasing details prior to Tuesday's meeting. Insiders did say the new development's exterior design will be similar to existing Lake Front Commons units but will have a revised floorplan. Previous approvals were in place for twenty-six units on the site. NEMO is seeking sign-off for a slight increase in density. Pricing has not been finalized but pending approvals, the first five-unit building would be constructed this year.
NEMO has owned the property since January 2007.
Elsewhere in Waterfront Village, three developers are vying to develop a vacant residential parcel at 240/260 Lakefront Boulevard. The City has not announced a preferred developer for that property or a commercial development site up for grabs next to Shanghai Red's.