Today I stumbled across The 1500 Project, a future mixed-use residential and commercial five-story-plus-roof midrise going in at the corner of Sixth and Reily streets. I’ve actually heard rumblings about the venture before, but I figured it would pretty much go the way of the hirise that was supposed to be built in front of the River Street garage (where Sawyer’s is now). It looks like the project is moving ahead, with plans for 43 condos spread over four floors plus a loft level.
The building will occupy the entire block from 6th & Reily to 5th & Boyd. Presently, this lot is vacant aside from a solitary duplex. It’s easily within walking distance of everything midtown has to offer, and its proximity to the forthcoming courthouse helps cement thoughts of further redevelopment in the area. Underground parking will be available for residents. It looks like the parking / storage area will empty onto Fifth Street (hooray!), which will help shunt some of the residents towards midtown.
No ETA on opening and absolutely no pricing information, but you can see the floorplans on their Facebook page.
The construction of dense residential development near midtown has been a long time coming. Midtown’s redevelopment has really picked up steam in the last few years, and this will help draw a professional, single crowd to the area in ways the existing low-rise blocks can not. The Lofts at 909 does a good job drawing a professional crowd, but it’s not well suited for those of us with furniture and/or who aren’t looking to put down that kind of monthly payment without building equity. 1500 especially appeals to me because it combines the proximity to midtown with the community of mid- / hi-rise living.
The question is, will it work? In 20 years, what will the rest of the northward community be like? Will it still be boarded-up hotels and condemned townhomes? Or will we see further development, more shops, and beautification without gentrification?