Downer Avenue Townhomes Sit Nearly Finished

Four new townhomes sit in a nearly finished state at the northern end of the Downer Avenue commercial district. Dubbed the Park Place Townhomes, the condominium units at 2604 E. Park Pl. come in two configurations.

The 1,711-square-foot, three-story units in the middle of the building were listed for $675,000 each earlier this year. They have a two-bedroom, three-bathroom layout.

The 1,160-square-foot, two-story units at each end of the building were listed for $550,000. They have a two-bedroom, two-bathroom layout.

A private, two-car garage, accessible via N. Downer Ave., is located beneath each unit.

The property listings for the units, however, are not currently available on the multiple listing service. A sign in front of the property still encourages you to call the listing agent, John Molitor of Keller Williams, but the units show only minimal exterior construction progress since we last covered the project in April.

A city inspector report from Sept. 21 indicates that a concrete pour for the garages underneath the structure was completed in recent weeks. A building code variance request, related to the structure’s walls, is still pending for the project.

Seattle-based Bridge33 Capital is serving as the project developer. Patera is serving as the architecture firm on the project. Merchants Plat Builders is serving as the general contractor.

The building previously on the site, a three-unit structure built in 1895, was effectively destroyed in a 2019 fire. The blaze was started by a transient tenant who also attacked the property owner during the incident. The fire did $1.1 million in damage to a structure assessed for $395,000. An affiliate of Bridge33 purchased the 7,200-square-foot lot and fire-ravaged structure for $230,000 in November 2020.

The project is an auxiliary investment to Bridge33’s neighborhood anchor. The firm acquired much of the Downer Avenue commercial strip in April 2020 for $11.25 million. It now owns the properties at 2551-2597 N. Downer Ave. and 2608-2650 N. Downer Ave., which includes the spaces occupied by the theater, Boswell Book Company, Cafe Hollander, Starbucks, Stone Creek Coffee and Pizza Man.

Bridge33 added apartments to the second floor of the buildings on the 2500 block, converting what was office space to residential units. Those one-bedroom, one-bathroom apartments were previously listed with Molitor as rentals for $1,550 per month.

Photos

April 2022 Photos

2020 House Photos and Site Plan