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Press July 25, 2016

Spider gears up for Edgewater condo groundbreaking after reaching 40 percent sales

Units start at $500,000 and 955 square feet

With buyers already lined up for a big chunk of its units, Spider is setting its sights on a fall groundbreaking for its Spark condo tower in Edgewater.

The developer announced this week that 40 percent of Spark’s 56 condos have been pre-sold, and that construction would begin on the 27-story tower by the end of this year.

Units at the tower start at $500,000 and will be delivered move-in ready, the developer said, with finishes including “top-notch appliances,” floor-to-ceiling windows and large balconies.

Andres Goldenberg, a principal at Spider, said the project is for homeowners who “want to experience luxury at a human Scale.” Units at the project are sized between 955 square feet and 1,800 square feet, with the largest of its penthouses measuring 3,925 square feet.

Spark is one piece of a new development wave hitting Edgewater, once a neighborhood made up almost entirely of single-family homes and low-rise apartments. Builders like the Related Group and Two Roads Development are erecting a spate of luxury high-rises, and Spider itself is also planning another project in the neighborhood: 25, a middle-end condominium with 93 units.

Located at 522 Northeast 34th Street, the Spark development site was assembled by Spider in 2014 for a combined $3.55 million. Its sales center, at 123 Northeast 25th Street, is now open.

Source: The Real Deal


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