ALBUQUERQUE, N.M. — Interest is quickly building for The Carlisle, a 34-unit condominium complex at 3600 Central SE that’s emblematic of second chances.
Nineteen of the units in the east Nob Hill project have sold, and the rest are going under contract at the rate of one or two a day, developer Kenny Hinkes said during a recent tour of the completed models, where several finish options were available. He also led a hard-hat tour of the rooftop area and the 50-space parking garage of the $10 million three-story residential condo project.
The Carlisle has risen from the ashes in the past year. The project burned to the ground after an arsonist torched the nearly complete building just before Thanksgiving of 2016.
After the site was cleared of debris and the insurance claim was settled, Hinkes and his partners, Adam and Jason Harrington, said they were too heavily invested to walk away. The Harringtons’ company, HB Construction, is the general contractor on The Carlisle.
“This represented nearly 3½ years of securing funding, planning and design and construction,” said Hinkes. “It took three hours to destroy it.”
The majority of homeowners are empty-nesters who are looking to downsize from larger homes in Nob Hill into a condo that’s easier to maintain, Hinkes said. The project also has attracted working professionals in the city’s finance, legal and medical fields.
Prices range from $259,000 for the one remaining one-bedroom unit to over a dozen two-bedroom units selling for $373,000.
Residents will be moving in over a three-week period in late February, Hinkes said during the tour. He pointed out some of the construction features, such as serious sound attenuation. This includes “soft close” drawers and cabinets in the kitchen and Acoustiblok, a noise-deadening material installed in ceilings and floors. Hinkes said construction costs exceed the first build-out tab, which totaled $8.5 million, and this is due to more expensive materials like copper, concrete and lumber. While the footprint is essentially the same, change orders (from the first building project) are being incorporated into the current construction plan and have moved things along faster. Sequencing also changed dramatically, said Hinkes, referring to more efficient vendor and subcontractor scheduling on the project.
“I think there’s a lot of opportunity for other developers to develop quality spaces” along the (Central) corridor, including apartment and small retail spaces for things like coffee shops and dry cleaners, said Hinkes.
He also believes the ART project will be a growth catalyst. “I think you’re going to see little clusters of new development around the ART stations,” Hinkes said.