In October, developers from the Poe Companies celebrated a new investment partner REI that helped restart construction at the marina for the stalled mixed-use RiverPark Place after the site had been quiet for well over three years. Monday at 11:00 a.m., Mayor Fischer will join developers from the Poe Companies to mark another groundbreaking at the project site on River Road and Frankfort Avenue.
Steve Poe told the C-J in early October that financing for the 149-slip marina had been secured but financing for the $21 million first phase of housing—164 apartments atop a 200-car garage—had yet to be found, noting that funding wasn’t a major challenge and predicting construction on housing commencing by the end of the year. With today’s groundbreaking, could financing for housing be in hand? Apartments would range from $625 to $1,400 for one to three bedroom units. Construction is estimated to last about 14 to 16 months.
The entire masterplan designed by Boston-based Goody Clancy with local K. Norman Berry Associates calls for about 1,500 total residential units (mostly condos) across the 80-acre site, many located in towers including twin 16-story towers framing Frankfort Avenue. The marine, stores, a gym, and restaurants round out the proposal. Future phases are still in limbo and will follow as market conditions dictate.
The marina is expected to be open by April 2012 along with a pedestrian promenade connecting Waterfront Park with Eva Bandman Park.