Luxury condos coming to Davenport at a lower price

davenport-condos

DAVENPORT, Iowa. (KWQC) — Major changes to a planned development in downtown Davenport where developers are building a sky-rise condo building.

In Nov. 2015, the plans to build this condo complex across the street from the Freight House on Ripley Street and River Drive surfaced. At the time, the developers estimated the prices to range from $465,000 to $725,000. The blueprint for the building included 36 luxury condos with 12 foot floor to ceiling glass windows and panoramic views of the Mississippi River.

Now a year later the concept is the same but the blueprint and price has changed. Pete Stopulos, one of the project developers, said the new design has 26 units with 2 penthouse condors. The ceilings are not 10 feet but still have floor to ceiling glass windows. Stopulos said these changes helped lower the cost to purchase a condo but still have that river view.

“We’ve been able to reduce the cost of construction and essentially what we are trying to do is reduce the cost of entry ownership at 400 River,” said Stopulos.

The project will create a new lifestyle in downtown Davenport, but that lifestyle comes at a price, $285,000. That sticker price is almost half of the original estimated price, making the condos much more affordable.

“It’s something that is not offered right now, there’s not really any ownership opportunities for residences downtown and what we are trying to do is provide an ownership opportunity at the same cost of renting,” said Stopulos.

The blueprint is set up in such a way that the condos don’t appear until the third floor. Retailers will be able to buy or lease space on the first floor with potential for office space on the second floor.

A major difference in this new design is the parking. The first plan called for a parking garage but the new plan eliminates the garage which helps cut cost. The building will have private covered street level parking, much like a carport.

Another amenity will be the rooftop which will have a hot top and fire pits available to all residents. “We think it appeals to empty nest-ers, young professionals, even young families,” said Stopulos, “basically anybody that has the desire to live more efficiently.”

Many downtown businesses like, Oh So Sweet By Tiphanie said they would support the idea of additional downtown housing as it would bring in a larger customer base.

“400 River is really a unique lifestyle,” said Stopulos.

The plan is to have those who are interested pay a deposit now, then building will start in the spring. Stopulos said the plan is to have the building complete and move-in-ready in 2018.

If you are interested in learning more or securing a condo, you can reach the developers on their website : http://www.400river.com/

Stopulos encourages those who are interested to give him a call to sit down and further discuss the condos.

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