The Park by Zephyrs Partners – The newest development to hit Bankers Hill is looking to set record prices!
Demolition has begun on “The Park”, what is soon to be Bankers Hill’s most exclusive residential high rise community. The Park will be located at 2850 6th Ave, across the street from Balboa Park at the corner of 6th avenue and Palm.
The 13 story complex will consist of only 63 condos and townhomes total. With the increasing demand for larger urban homes, the developer wanted to address this luxury market. Many of the buyers moving to urban neighborhoods are coming from larger homes in the suburbs, but still want a spacious residence with the conveniences of the city lifestyle. There will be 6 townhomes in the project that will range from 2,600 to 3,000 square feet. There will be 28 condos on the lower floors of the high rise that will range from 1,500 to 2,100 square feet. The residences will then increase greatly in size with the 28 upper floor condos ranging from 2,400 to 4,900 square feet!
The Park RenderingWhile The Park offers spacious residences, a great location, large outdoor spaces and luxurious amenities, it will come at a price. The prices are projected to be an average of $1,000+ per square foot. The complex will have a top of the line fitness facility and pool, as well as a community room with a demonstration kitchen and outdoor fire pits. Many of the residences will have direct elevator access and personal elevator lobbies. The homeowners dues are estimated to be around $1,200 per month.
Currently the highest priced complex in Bankers Hill is Park Laurel, which is hitting prices as high as $890 per square foot. Park Laurel offers large residences, great amenities, and concierge services. Park Laurel is also across the street from Balboa Park and is located just 3 blocks south from The Park’s future location.
Demolition is currently under way on the existing structure, which was the 55 year old Sixth Avenue Medical Center. Construction is scheduled to begin in June with an estimated completion date of early 2017.