Paul Hogan, president of Hogan & Stone, calls it “the best surprise we’ve had in 2007.” Since mid-July, when the brokerage began accepting deposits on condominiums in the planned The Residences at 181 Bellevue Ave., 17 of the 38 units have been reserved.
A deposit of $25,000 is required, and the project is not expected to be completed until the summer of 2009. “They haven’t even started demolition yet, which is what makes this so surprising,” said Hogan.
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The development will sit on the 4.87 acres where Bellevue Gardens shopping center has been since the 1950s. Two years after being proposed, the development is barely out of its planning stage – still pending final approval from Newport officials – and demolition is expected to begin in October, said Aram Garabedian, president of property owner Bliss Properties.
“Right now, we don’t have finished floor plans,” said Hogan. “We’re hoping to have those by the first of October. So right now a reservation will put you in what order you can chose your unit. So the next reservation will have 18th pick.”
The location, directly across from the International Tennis Hall of Fame, is a big draw, but Hogan also credits the development’s all-inclusive design, including below-ground garages, and the fact that there will still be retail in the mixed-use complex.
“We knew the Bellevue Avenue address was going to be a great marketing feature and, if anything, I underestimated the popularity of the lifestyle,” he said. “The whole first floor is going to remain commercial, so CVS will still be there; there will be a restaurant; there will be a greengrocer, so you’ll live above everything you need.”
The condos – on the second and third floors – will range from 1,100 to 2,300 square feet, averaging 1,800 square feet, with prices from $900,000 to $2.5 million. About 60 percent will have views of Newport Harbor, while the rest will face Bellevue Avenue and the hall of fame.
After the project’s groundbreaking in October, the site should go through two phases of development, Garabedian said. The first construction phase will be the southern half connected to CVS – the only current structure that won’t be demolished – and then moving all the current retailers to that side. Then construction will focus on the northern half of the development.
The condos will take up 62,000 square feet, new commercial space will take up 30,000 square feet, and CVS is about 16,000 square feet, said Hogan.
The exterior of the development – designed by Newport Collaborative Architects and to be built by Stone Street Construction – will be a similar in style to neighboring buildings.
“It took us over two years for approvals because Bellevue Avenue is a very, very significant street and there’s a great deal of concern by the local people that things that go there be done in a way that doesn’t detract from the historical significance of the area,” said Garabedian.
Garabedian is optimistic about the development’s future. And though the reservations are refundable, those who have reserved their spots already have an idea of what they will see outside their condominium windows.
“We have three, three-and-a-half floors in some areas, above the first floor,” said Garabedian. “What we did was very interesting – we took views at different levels to see what view you’d have of the harbor.” •
