Many hotel/condo projects are focused on differentiating by their location or design (e.g., AVA & Olive 8) or brand name (Four Seasons) or one of a kind offering and world class amenities (1 Hotel & Residences City suite rental options). Stewart and Minor, a new proposed hotel/condo project, focuses on their floor plan.
If approved, the hotel/ condominium project will break ground summer 2008 with estimated completion in 2010. 150 hotel rooms (operated by a private hotel management firm yet to be selected) will take up the first 14th stories of the building with 168 loft units starting from the 15th floor to 28th floor. The condominiums range between 500-1,900 square feet. Prices will start from Low $400,000 to over $1M.
So what is so different about this project over their competition? According to the developer:
• Living space options: The loft floor plan will have 18 foot ceilings and offer home buyers the option to install a mezzanine floor as an upgrade or on their own later. A mezzanine will provide approximately 1/3 more floor area to the units. The developer does not anticipate any difficulty with permitting for this concept.
• More space for the condo units: Elevators will stop on every other floor, more space will be incorporated into the condominium that would otherwise be set aside for the elevator lobby and connecting hallways.
•Targeting different market: The hotel will target the more affordable end of the market with rooms going for about $150/night.
The location is a little out of the way but it is certainly an interesting offering. It will be interesting to see how the market responds. Would you purchase a hotel/condo with these types of options?