Over the last few weeks, Atlantans who were once eager to buy into a reasonably priced, multifamily project in Reynoldstown — one that promised a solar-heated, saltwater pool, and three separate community garden and dog park areas — began reaching out to Curbed, up in arms. The project in question, MODA R-Town, began marketing three-story townhomes a year ago for $264,900 (plus $117 in HOA fees) and up. Back then at least, that would have bought a modern-style unit with two bedrooms, two and ½ bathrooms, a two-car garage and 1,400 square feet, plus wide-plank floors, quartz countertops, smart wiring and other perks.
One prospective buyer, who placed a unit under contract in late 2014, had this to say recently: "I haven't seen anyone go near that site since October and we are not getting any responses from (developers St. Clair Holdings') representatives … I have only $5,000 earnest money, as it's not a custom-build, and I'm sure getting that back won't be a problem, but given the appreciation over the past year, I'd rather have the property!" Said another person under contract: "It has been many months since there has been any development on the project, and the only communication from the developer and the listing company is notices to extend close dates. There is clearly something going on."
The MODA R-Town project is planned for a vacant property near the intersection of Weatherby and Wylie streets on the Beltline's Eastside Trail and bordering CSX's Hulsey Yard. Originally, the development's first phase was scheduled to open last spring. The entire site remains a mud pit.
A St. Clair Holdings spokesperson recently responded to inquiries that shed light on the situation, which we'll present in Q&A format below:
Curbed: Do you have an outlook on when the project might be finished, pending weather hurdles? What's been the source of prolonged delays beyond weather? Permitting?
Rep: Since [late] 2014, the project, MODA R-Town, has experienced many delays, including the weather, and additional site work at a cost of nearly $1 million. Weather permitting, the project is planned to start vertical construction as soon as the site work is completed, which is scheduled for March 2016. The projected date of the first units closing is August 2016.
[Colin Cavill, St. Clair Holdings' managing principal,] and his team are in the process of meeting with the buyers to renegotiate contracts that could no longer be extended ... based on the new costs of moving forward with the project. For those buyers who choose not to go forward, all earnest money will be refunded with interest.
Curbed: Can you provide updated pricing info, and info on how many units are still available?
Rep: The units start in the low $300,000s. Overall, the project has 45 townhomes and 20 condos. Availability figures will be ready once Colin has finished renegotiating with all the buyers.
After 27 months of delay, the project team is looking forward to the continued development of MODA R-Town and to fulfilling their commitment to create a unique and thriving neighborhood that captures the intown lifestyle for its residents.
· First Look: Moda Rtown, an Amenity Oasis in Reynoldstown [Curbed]
· The Rapidly Changing Face of Reynoldstown in 38 Photos [Curbed]