My Comparison

With opening day approaching, there is one thing that is really, really, really, really bothering me. The fact that the development on the condos have not even started and we have not gotten an update in a long while.

Aside from the fact that the ballpark kicks a huge amount of ass and not in the same league as Memorial Stadium. I now cringe every time the tag line "It is not just a baseball stadium," is used.

I think it is time to get on Barry Real Estate and put their feet to the fire.

Let us take a look at two projects that have received practically the same cherry deals that are currently "In the works" for downtown.

First Up: THE HARRISON













Contains: 1 floor of retail, 30 (currently) condos
Sizes Range from 986 sqft - 1752 sqft
Prices Range from 150k - 420k
Amenities - Ballpark/city views, parking garage, Top floor viewing deck (might be taken out)
Minimum spending - $14.5M


Next Up: Superior Row / Restaurant Row












Contains: 1 floor retail, 21 apartments/condos
Sizes: 1400 sqft
Price: Eventually will sell for 185k
Amenities: None really known, loft design, close to headwaters
Spending: $4M

Bottom line: 9 more condos, 10 million more dollars. The only true difference is the parking spots. While Barry Real Estate is looking for ways to cut costs and amenities, they should be looking for ways to sell condos. How about adding amenities? Change up the design, add a pool, add a concierge or door man, or here's a mind blower - lower the prices to something more comparable to Fort Wayne home prices.

If Barry Real Estate comes to the table with an idea to bring 60-80 condos to the development at a price of 180k a piece, but the only problem was that they were only going to spend 10-12M on the project, do you think they would get turned down?

Fort Wayne needs to go see where this 14.5M construction cost figure is coming from. It doesn't make sense, considering that the company got the land for free and the 14.5M does not really reflect total cost to them. $14.5M purely reflects the total amount of investment in downtown. Barry will be recouping a large amount of these costs, if the high priced condos sell and are collecting rent every month from the retail. Also, if the unit purchasers decide to buy the bare bones condos and turn it into a DIY project, does that lower the total construction costs?

Here's an idea, lets just turn the land over to Heartland Development and let them take a crack at it.