The first building is underway in Joel Giambra’s Olmsted Park/Connecticut Village residential project on Plymouth Avenue near York Street. The duplex is expected to be completed around January 1. Joel will move into one of the units and the second will either be rented, sold, or become a model for the project. In all, up to 30 new market rate houses will be built on scattered vacant west side lots.
Giambra has purchased about twenty vacant lots from private owners and at the In-Rem tax auction. Lots are available on Plymouth, Prospect, 7th Street, Fargo, York, Lakeview, and Busti.
The two-family structure at 225 Plymouth is the first home being constructed. It’s the Giavanna model, one of four floorplans being offered by Giambra, and named after Joel’s first granddaughter Giavanna Rose. Each unit is two stories and a firewall separates the units so they could be sold individually as a townhouse or rented.
Nicholas J. Giambra, Joel’s son and a real estate agent from Hunt who is marketing the new homes, says interest in the project is strong and the development team is finalizing pricing and financing details before signing contracts.
“Interest has been overwhelming to say to the least,” says Nicholas.
Nicholas also says the project has been well received by nearby residents.
“Feedback from neighbors has been great,” he says. “Everyone is excited. Property values are going up because of the development and investment happening throughout the west side, and in some cases right next door.”
Working with Optima Design & Engineering, Joel has created three other floor plans.
The Olmsted One is a narrow, 25’ wide single-family house designed to fit on a narrow lot, typical on the west side. On a smaller lot, the new residence will not have a driveway or garage.
The Olmsted Two and Olmsted Three will be upper/lower doubles with units of either two or three bedrooms.
“The four models have been selected to cater to a range of potential buyers,” say Nick. “The single-family homes are ideal for buyers looking for a new, affordable home with a modern layout. A home buyer could also build a multi-family home and use the extra unit as income to help pay their mortgage, and investors can build an income property.”
Homes will be built as they are sold. Pricing has not been finalized but is expected to be in the $150,000 to $200,000 range depending on floor plan and options.
Get Connected: Nicholas Giambra, 716.239.6432 (email)