Part of a planned $200 million condo and office development on Newport's riverfront, SouthShore's first condo tower is on track to be complete by August, said Gregg Fusaro, a partner with Capital Investment Group.
A topping-off ceremony - which marks the placement of the final steel beam on the tower - is planned for early February.
A second tower to be built later is expected to include at least 75 condos. Additionally, developers are considering designs for an office development on the west side of the 2-acre site, which could include a hotel, Fusaro said
Condo prices start at $385,800 and go as high as $3 million. To date, 38 of 70 units have been pre-sold.
"Despite all the difficulties out there in the housing market, we've done awfully well here," Fusaro said. "I think it goes to show that in a down market, you better have the best product in the best location to do well."
Also planned for SouthShore is a 100-slip marina, for which developers are awaiting approvals from the Army Corps of Engineers.
"We've been told by the Corps that they don't have any significant opposition," Fusaro said. "I think with our location this will be a real nice amenity, not only for condo owners but for boat owners working downtown."
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source: news.com
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