0

Long-empty Lawrenceville condos sold to new developer

LAWRENCEVILLE -- A long-empty group of condos on the outskirts of Lawrenceville's downtown square has been sold to a new developer, and a realtor has vowed to sell unoccupied units to residents by the end of the year.

The Cornerstone Condominiums were built by local developer Emory Morsberger in 2007, and, for the most part, have sat empty since. Nineteen of the 33 total units -- which wrap around West Crogan, Culver and Luckie streets, a block from the historic courthouse -- are currently vacant.

Officials hope that will change with the property's recent sale to Vanguard Residential, which plans both "minor upgrades" and re-pricing of available condos. Jason Wood of Keller Williams Realty is marketing the project and said he believes "that the remaining 19 units will be sold by the end of the year."

"This is a beautiful property that simply had the misfortune of coming on the market at the wrong time and price point," Wood said. "Now, buyers can come in and purchase units at a significant discount from original prices."

The development's new website at myhomeatcornerstone.com lists sale prices from $170,000 to $285,000, calling them less than half of the original list price.

Cornerstone alos includes a 8,700-square-foot commercial space, which officials said is currently under a letter of intent.

"We could not be more thrilled to have a firm like Vanguard Residential involved in our community," Lawrenceville Mayor Judy Jordan Johnson said in a statement, "and we are excited to see them selling out this beautiful condominium project right here on our downtown square."

Comments

mike4855 2 years, 1 month ago

I think it is great. The biggest problem I see, they will never sell at those prices with this economy. Something Like $110,000-200,000 seems more realistic for a new Condo in Lawrenceville. That might even be a stretch as there is nothing around to draw people in.

1

notblind 2 years, 1 month ago

Mike, the Downtown Development Authority has a PLAN !!!! I went to several DDA meetings a few years back. They were "seeking" "public input" for their already fixed in stone plans for the gentrification of Lawrenceville's downtown area. Their developer of choice was the alchemist, Emory Morseberger. Turns out you really can't turn lead into gold.

0

psychientology 2 years, 1 month ago

I wish them luck. Downtown Lawrenceville is an awesome place. Filling these up with good folks would only make it better.

0

Sign in to comment