Condo project delayed, not dead

Developers lower prices

A downtown condominium project is moving at a slower pace than expected, but it’s not dead, its developer said.

The Hobbs Taylor Lofts, a 31-unit condominium project planned for the northeast corner of Eighth and New Hampshire streets, won’t be completed by September as originally planned, developer Bo Harris said.

But Harris, owner of Lawrence-based Harris Construction Co., said the project was alive. He said nine buyers had committed to the project, and he hoped to break ground in the next 45 days. He said the project would be completed about 11 months after construction begins.

“It is fair to say that I would have liked to have started at the end of last year, but that was our most optimistic projection, but far from our most pessimistic,” Harris said. “We’re pretty optimistic about it now.”

The five-story building would be the first downtown condominium project. The area is home to several loft-style apartments, but condominiums are different because residents own the space rather than rent it. In addition to residential space, the project includes about 19,000 square feet of retail space on its ground floor and 21,000 square feet of office space on its second floor.

Harris said he was waiting for one of three conditions to be met before he began construction: secure at least six more condo buyers, find tenants for the remaining retail or find tenants for the office space.

He said about 7,500 square feet of the retail space had been leased by a bank, but he wouldn’t disclose the bank’s name. About half of the office space also has been secured by unidentified tenants.

Condominium prices have dropped since they were announced in August. The company is offering pre-construction prices that range from $169,900 for a one-bedroom, one-bath unit to $494,900 for a three-bedroom, one-and-three-quarter bath unit. In August, developers proposed prices that ranged from $220,000 to $580,000.

Developers still plan to build a 31-unit condominium project in downtown Lawrence. It just won't be finished by September when it was scheduled to be built. Pictured above is a rendering of one of the three interior design packages planned for the project.

Linda Boyd, a real estate agent with Stephens Real Estate who is marketing the project, said the new price range opened the project to a broader range of tenants. She said the project had been popular with retired couples and single professionals. Several of the nine tenants who signed an intent to buy were people who were looking to make Lawrence their second home or eventual retirement home, she said.

“We think it is attracting people who like the idea of simplifying their lives,” Boyd said.

Developers are marketing the project as a maintenance-free living option for tenants, and as a lifestyle that will be less-vehicle dependent.

“It is kind of going back to the way we used to live,” Boyd said.