Solis Condominiums, the “passive house” project in Capitol Hill will now be an apartment building.
The investment group behind the project, SolTerra Capital, will retain the building and rent the units. For anyone who purchased via the presale opportunity, they will be refunded any earnest money or reservation deposits and given a preferred opportunity to rent in community.
The reason for the change? “Building to both Passive House and luxury condominium standards requires higher construction costs and results in an exceptional building that will appreciate,” said Marc Coluccio, Chief Operating Officer for SolTerra. “We believe that holding the project as an apartment will offer the best long-term value for our stakeholders.”
We wonder how many other condominium projects might eventually make this switch due to slower than expected sales numbers.