Columbus Park Townhome Project to Test Demand for Upscale Housing
Published October 16th, 2023 at 11:30 AM
(Editor’s note: This article originally was published July 26)
By Kevin Collison
Work has begun on a residential project in the Columbus Park neighborhood that is expected to fetch sales prices in the mid-$600,000 range for three-bedroom townhomes.
The project by DAK Pacific LLC is being built on a small triangular site at 1015 Pacific St. near a freeway ramp that’s been vacant at least 20 years. It includes 10 townhomes and 10 rental units and received a 10-year property tax abatement last year.
When it was originally proposed, the developer believed the townhomes would sell for around $500,000, but rising construction costs bumped up that listing price substantially.
Still, there’s been plenty of interest from potential buyers in what’s tentatively being called Columbus Park Townhomes and Flats, according to Andrew Ganahl, a DAK Pacific partner.
The Columbus Park Apartment site has been vacant at least 20 years. (Aerial view from LRCA presentation)
“They’re interested particularly because there’s such a dearth of new-construction homes in infill locations like Columbus Park,” he said. “It’s a good neighborhood and Fifth Street has new retail restaurants including Café Cà Phê and the new barbecue place.
He observed a single-family home near DAK Pacific project recently went under contract for $960,000.
“If you look anywhere around the downtown core, there’s very little product in terms of for-sale, single-family houses,” Ganahl said.
The other partners in DAK Pacific are Kevin Klinkenberg and Diane Botwin.
The Columbus Park townhomes will have three bedrooms, 3 1/2 baths and two-car garages. (Rendering by Helix)
The nine, more expensive townhomes will have three-bedrooms and 3 1/2 bathrooms and range from 1,900 square-feet to 2,000 square-feet. Each will include a two-car garage. A tenth, smaller unit, will be listed for $430,000.
The real estate agent is Andrea Wardell of Wardell & Holmes Real Estate.
The one-bedroom apartments will be located in two four-unit apartment buildings and a duplex. Monthly rents will range from $1,400 to $1,500. Surface parking will be provided for tenants.
Ganahl said the development is expected to be completed by late summer 2024.