by Tammy Taylor
Staff Writer
Pre-construction sales starting this month at The Peninsula condominiums on the Southbank will determine when construction on the luxury housing complex will begin.
A VIP event scheduled for March 11 will begin the pre-opening sales of the high-rise residential development. Guests will be able to preview models of the luxury kitchen and bathroom featured in The Peninsula, and in its sister development, The Strand, a rental community located to the west of The Peninsula.
Visual layouts and a three-dimensional model of the facilities will also be on display at the invitation-only opening.
Michael Gentry, vice president of sales and marketing for American Land Ventures, the properties developer, said he is not certain when construction on the high-end units will begin.
“There is never an answer when people ask that,” said Gentry. “Traditionally, construction lenders want 50 percent of the property sold before construction starts. We would have loved for construction to have started yesterday. That’s the bottom line.”
Pre-construction prices for The Peninsula range from the low $200,000s to the low $800,000s. There will also be four tower suites and four penthouses, priced at $1 million.
After the construction of The Peninsula and The Strand is completed, an office building will be built behind the properties on Riverplace Boulevard
“At this point, there is no specific plan. That’s phase three. (The plans) just now have been approved as an office site,” said Gentry.
The original estimated costs for developing The Peninsula, The Strand and the office complex have increased since the project’s inception.
“We’ve ended up doing a lot more and putting more into the project,” said Gentry.