When Harrison Square was announced, part of the project included a $14.5 million condominium/retail building. Yet when The Harrison applied for its tax abatement, it listed a cost of $20.3 million.
The change was simply the difference between an estimate and reality, according to Jim Irwin, project manager for Barry Real Estate, which is building the luxury condominiums.
Irwin said as the company began to put together its budget, it was clear it would take more than $14.5 million to do what they wanted.
“To do the type of luxury product that we want and need to do for the market, it’s a $20 million price tag,” he said.
Greg Leatherman, executive director of development, said the increased price is a good thing because it is additional private investment in the $130 million project. He added that additional investments in the hotel and Harrison building make Harrison Square a $130 million project versus a $120 million, as previously reported.
Great blog- this looks very professional and very clean. Good luck rolling it out! Will be back often to read more updates!
Deirdre G
Posted by: condo Philippines | December 10, 2009 at 08:51 PM