By Michele Gillis, Staff Writer
Already under contract to purchase the Market Street Village Lofts at Palencia, Bill McCleod of One Market Street LLC and his partners decided to drive out to Palencia last year just to see what was going on.
To their surprise, the streets and sidewalks were filled with people, music and laughter. The smell of boiled shrimp was everywhere.
Families were enjoying the music for Palencia's Spring Festival.
The visit solidified their decision to purchase the 16 half-finished live-work-play lofts on Palencia's Market Street, located right at the development's front door.
All units include 900 square feet of retail/office space and 2,875 square feet of living space. They are priced from $279,900.
When the market was booming, the units were originally under contract at more than $600,000 apiece.
The properties were purchased by McCleod, Don Davis and Bob Hahnemann of One Market Street LLC.
Ten of the 16 lofts were in various stages of completion. Some just needed countertops, carpet and tile, while others had to be started at the sheetrock stage and brought forward. The other six were ready to sell.
The fact they were sitting in the heart of the community represented a great value.
"We thought if we could finish them, we could sell them," said McCleod.
And sell them they did: 15 of the 16.
"Market Street is becoming very vibrant," said Naomi Lumley, director of sales at Palencia. "We have new businesses moving in and almost all of the units are sold out. Activity fuels activity."
McCleod said selling the units really wasn't that hard. He said there were people who had been interested in purchasing the lofts, but wanted to see that someone was going to finish them.
"As soon as we came in and started working, word started percolating around and probably 90 percent of our buyers were people who knew about it at some stage over the last five years," said McCleod.
One Market Street LLC came in and revamped the landscaping with hanging plants, palm trees and full pavers.
After work started on the lofts and landscaping, McCleod said buyers just came out of the woodwork.
Businesses scheduled to open on the ground floor of the lofts include a nail salon, a wine store, a spa, an art gallery and a jewelry shop.
Walt O'Shea, managing director of Palencia, said it is an exciting time for the community of Palencia.
"The rebirth of our Village Center is something we have all been anticipating and we are encouraged by recent sales and increased retail activity," said O'Shea.