By Kevin Shalvey
PBN Staff Writer
PROVIDENCE – With occupancy planned for January 2009, Capitol Cove LLC has opened the sales office for its first 96 condominiums and is expecting buyer interest, regardless of the current economic downturn.
The company last week said it does not intend to rent any of the condos as apartments, as other downtown condo developments have done.
“Despite the real estate downturn, our optimism remains strong about the desirability of Capitol Cove for home buyers,” Capitol Cove President Robert Roth said in a statement last week. “We are beginning to see the end of the real estate downturn and should start seeing a steadying of prices and positive movement in the near future.
“I believe the recent moves in Washington, D.C., will result in the market turning the corner. We have exactly the right product for the post-bubble world we are now entering.”
The sales office opened in September and the first phase of construction is expected to be completed by the end of the year. Pricing for the first phase will range from $350,000 to $550,000. The four-floor complex will have one-, two- and three-bedroom apartments ranging from 750 square feet to 1,500 square feet.
The $250 million development is on Canal Street, along the Moshassuck River. Its next phase will be a 156-condo development.
Capitol Cove is set on a five-acre parcel at the eastern edge of the Capital Center district – on land owned by East Providence-based Capital Properties Inc. (Amex: CPI) – not far from Intercontinental Real Estate Corp.’s new Waterplace Luxury Residences, the twin condo towers above Waterplace Park. (READ MORE)
“What sets Capitol Cove apart is the determined and optimistic approach we’ve taken to keep the development for sales only, without offering any units for rent,” Roth said. “We feel that we’re coming to the market at a time and with a product that will appeal to the Providence buyer and so far we’ve seen that borne out in the comments and feedback our marketing team is receiving.”
To learn more about Capitol Cove, a project of Providence-based real estate development firm Capitol Cove LLC, visit www.CapitolCoveRI.com.