Thursday, August 20, 2009

Exciting Redevelopment Opportunity in Downtown West - 2035 Lucas


2035 Lucas is an exciting investment opportunity in the heart of one of Downtown West, one of the hottest spots for redevelopment these days.

This four-story, 50,000 sf warehouse is tucked away between the Adler Frame, Majestic Stove Lofts and Edge Lofts, and is located just a block from the Tudor Building and the other retail developments underway in the 1800 and 1900 blocks of Washington.

Due to its location, this building would most likely be better suited for residential conversion as opposed to office space (although that would certainly work well too). As a loft apartment or condo development, it would help create a critical mass of residents in this rapidly-growing section of downtown.
2035 Lucas is listed for sale for $1,450,000 ($29.00 psf).

The listing agents are Erv Heyde and John Warren of CB Richard Ellis.

4 comments:

Anonymous said...

The building has no parking and the city requires parking for residential developments. Basement parking would be very difficult on this building so that is why everything around it has been developed and this one is remaining untouched. The sale price is also high. It really needs to be around $10/SF in this market.

Brian said...

Thanks for the info! At least there's a surface lot to the southwest of the building that could potentially be used for parking (although I'd really like to see new infill between the Adler Lofts and the Motor Lofts).

Mark Groth said...

^ I agree re: infill. This stretch is rather sparse.

samizdat said...

Oh, I don't know about very difficult, when referring to parking. Look at the car in the foreground, and think about how much headroom should be available in the basemnet of this building. There are at least three more feet of depth below grade, which would provide more than enough space for most motor vehicles. Now, if we're talking about cost, yes, I could see a developer balking at this location. Punch a hole in the foundation, ramp down to the basement, possibly a new floor, lighting, sensors and fans for CO evacuation, striping, possible insurance concerns, etc., vs new paving (if that) of extant surface lot, landscaping. Yeah, I could see that. Especially in "this market".