Contractor Plant Construction started stripping down the 50 year old building last fall and is currently overseeing major renovations including replacement of the brutalist concrete facade with modern glass and steel, frame strengthening, and the addition of two smaller penthouse floors. The entire project is not all refurbishment as there is also some new development. The abutting parking lot to the west is being uprooted to make way for new Victorian inspired townhouses. As with most developments under construction, the total unit counts are a moving target but permits show 11 units for the townhouses and 66 condos in the facelifted building. Yes, an almost trivial amount of units for all this land but profits will be gained by marketing the homes to the wealthy that want spacious four bedroom condos with great city views and amenities such as concierge, doormen, valet, private security, fitness center and yoga garden. Sales, which are expected to start this summer, are expected to command more than $3,000 a square foot which would price the largest 3,625 sq. feet penthouses at around $11 million. Not bad for a refurb.
A recent site visit showed an undressed building brought down to its bare skeletal frame. We noted existing concrete columns being fortified with new rebar, falsework erected for internal partitions, and angular protrusions for the future bay windows. Foundation trenches and partially built steel frames currently reside where the future townhouses will stand.
The building, referred to as The Pacific and located at the new address 2121 Webster Street, is expected to be completed in early 2016.