Could the real estate market be picking up? All signs point to yes as far as 140 West Franklin, the downtown mixed-use development, is concerned.
Seventy-three homes have been sold within the $55 million project, which is now in the early construction stages. Five contracts have been signed in the past month. Several new homeowners have combined two neighboring units to create a larger floor plan. Prices range from the $200,000s to the $600,000s.
As the excavation at 140 West Franklin concludes, the two cranes, one 160 feet and the other 200 feet tall have been installed on site.The next steps are the building of the foundation and the subterranean parking levels. In the fall, the building will begin to rise above the construction fencing. Early next year, the structures will be topped off as the interior customization process ends. John Moriarty & Associates, Inc., the general contractor, expects the project to conclude fourth quarter 2012.
When completed, the buildings will stand four stories tall along the street before stepping back to eight stories tall at the center. There are 140 signature homes above the retail level with open floor plans.