Condos on the curve

Yankee Tank Point is set for 10 acres along Kasold

First Management Inc. is preparing to build a condominium complex along the banks of a familiar traffic curve in southwest Lawrence.

Yankee Tank Point is in the works for a 10-acre site along the west side of Kasold Drive at 31st Street, an area known locally as Kasold on the Curve.

The $7 million project will put 13 buildings and a clubhouse on the property, offering 52 condo units for sale at prices ranging from $140,000 to $160,000. Units will have either two or three bedrooms, and all will include attached garages.

“We’re trying to offer affordable housing, and we think we’ve come up with a unique plan,” said Doug Compton, president of First Management, which owns several apartment complexes in town and recently has added condos to its offerings. “It’s a design, in combination with a good location, that allows us to offer the product at an affordable price.”

The project comes as a nearby community of rental units is being converted to condos. Residences in Kasold on the Curve Townhomes – a nine-building, 27-unit complex of triplexes built in the 1980s – are being converted to condos as leases expire, with marketing targeted at a variety of potential buyers: parents buying residences for their children attending Kansas University, empty-nesters looking for maintenance-free living, young families looking for an affordable first home and others.

The project – renamed Peach Tree Cottages – this week will start offering its first condominiums for sale at prices ranging from $89,000 to $105,000, said Sean Williams, a Realtor who is a partner in the project.

“I think the market for the price point that we’re hitting is completely underserved,” Williams said. “If we could put out hundreds of them, we’d do well.”

Compton’s project is starting from scratch. He’s scheduled to close his purchase of the property by the end of next month, then start construction in March on buildings and the clubhouse. The project will include a swimming pool, hot tub, workout center and other features.

The Yankee Tank project should be ready for market by the end of next year, Compton said.