DEVELOPMENT: South Wedge project includes apartments, retail

By Tim Louis Macaluso on July 8, 2009

It's not uncommon for a city administration to court specific architects or developers for an important project. But retaining the South Wedge's trendy charm is so important to the neighborhood's planning committee, they actively pursued the developer they wanted for a South Avenue project that is a mix of apartments and retail space.

"We targeted Konar Properties," says Robert Boyd, executive director of the South Wedge Planning Committee. "We wanted them because they don't do the typical suburban apartment design."

Konar will begin construction in two weeks on South Avenue Commons, a $4.8 million, four-story, mixed-use building at 661-663 South Avenue. The site is currently a vacant lot.

The project will include 7,000 square feet of retail space on the first floor and 33 apartments on the upper floors. The apartments will be a combination of studios and one- and two-bedroom units. Most will be offered at market-rate prices, but 14 units will be available as affordable housing.

The building's exterior will borrow from the Brownstone architecture of Brooklyn, Boyd says.

"People are going to look at this building when it's finished and think it was always here," he says. "That's how much the design fits into the character of this neighborhood."

While there isn't a shortage of city apartments, there is a strong market for the right development says Tim Schmid, director of residential properties for Konar.

"Features like hardwood floors instead of wall-to-wall carpeting will give it more of an urban styling, he says.

City Council will be asked to approve a $1-million loan at its July 14 meeting to Gregory Street Transfer LLC, which was formed by Konar Properties to develop the South Avenue site. The terms of the loan call for annual interest-only payments at 1 percent for a term of 15 years, with the principal loan amount due in full in the 16th year. The project was also approved for tax breaks and incentives from COMIDA.

The project is scheduled to be completed by the summer of 2010.