Property Lines - Scott Olson

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Real Estate & Retail

Lockerbie Park phase 2 on hold

September 5, 2007

Lockerbie ParkThe foundations and garage slabs are in place for the next phase of Lockerbie Park, but construction is on hold for now. The project at College and Michigan streets has not sold well, to say the least. Out of 22 units built, only two have been sold. And plans call for a total of 77 condos and brownstones developed by a partnership that includes locally based Hearthview Residential. Company officials blame sales woes on a sluggish market and a glut of homes for sale. Units at Lockerbie Park range from mid-$200,000 to more than $400,000. Across downtown, there are about 150 condos listed in that range. Still, the developers are confident of a recovery. “The reality is that property, on a per-square-foot basis, is one of the great values downtown,” said Jim Thomas, a Hearthview partner. “It should absorb fine as the market recovers.”
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