Luxury condos planned on the shore of Lake Superior in Duluth
DULUTH – Developers are planning a luxury condo complex overlooking Lake Superior in a major bet that the Duluth shore will attract those willing to pay a premium for an unbeatable view of work from home.
Breakers on Water Street will include 16 units priced from $ 900,000 to $ 2 million or more, and buyers are already lining up, the developers said.
“Not only are we getting interest from residents, but we are also seeing demand from residents of the Minneapolis / St. Paul who realize they could live on the shores of Lake Superior and work from there, ”said developer Sandy Hoff of FI Salter Real. Domain. “It was clear to me that there was pent-up demand from people, many of them retirees or well-advanced professionals, who are looking for a condo in this price range.”
Located between the Ledges luxury townhomes and the Beacon Pointe complex just off the 21st Ave Interstate Exit. E., the four-story complex would include heated underground parking and a rooftop terrace.
The roughly $ 18 million project needs planning board approval to sit 10 feet higher than what is now allowed. If approved, construction could begin as early as next spring and units could open in 2023.
Hoff said no government funding or subsidies were being sought.
While Duluth urgently needs housing at much lower prices, there is a shortage at all levels of income.
“We need all kinds of housing in the community,” said Adam Fulton, deputy director of planning and economic development for Duluth.
Prices for luxury condos and townhouses in Duluth – like those in downtown Sheraton or the Ledges – often exceed what is sought after for the city’s huge historic mansions. Hoff said there is a waiting list for the Ledges, indicating a strong market.
“I think we will sell quickly.”
Brooks Johnson • 218-491-6496