By Kevin Collison
The River Market West II Apartments project on Fourth Street is expected to be completed by early April, about 2 1/2 years after the 120-unit development was granted tax incentives by the city.
Work on the clubhouse, garage and first phase of the apartments is done, and residents are scheduled to begin moving in this weekend, said Andy Ashwal of GFI Management.
The 143,413 sq. ft. building features a concrete podium deck foundation with underground parking, four stories of wood-framed construction, and a rooftop outdoor space, according information posted on the Neighbors Construction website.
The clubhouse amenities will include a community kitchen and gathering space, gaming lounge, fitness studio, resident study, bike storage, workshop, dog spa and guest suite. Residents also will share an outdoor salt water pool with residents of River Market West.
The Neighbors website also said the apartment’s rooftop deck will feature expansive skyline views of downtown, and custom grilling stations, a fire pit, TVs and lush landscaping for residents.
The project is owned by GFI Development Co. of New York and managed by Lincoln Property Co.
The Planned Industrial Expansion Authority approved a 15-year property tax abatement for the $23.6 million development in July 2017.
Construction began during the summer of 2018. The architect is NSPJ Architects.
The River Market West II development will be opening at a time the downtown apartment market is averaging a 90 percent occupancy rate, according to Christina Boveri of Boveri Realty Group.
“It’s pretty competitive right now and there’s a lot of incentives being offered,” she said. “I think the River Market does well in terms of occupancy rates.”
In addition to River Market West II, the new Second and Delaware apartment project a couple blocks away is expected to open this summer. Plans also are in the works for another 93-unit project on Third Street, Ashland at the River Market.
Boveri said the announcement of new employers coming downtown is good for the apartment market, but noted there’s other new residential projects in the pipeline in addition to the River Market.
“It will be interesting to see if we can fill them with all the new units coming,” she said.
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