With more than half of its units sold, a West End condo project is getting underway.
The $8 million, 15-unit development dubbed the Tiber is scheduled to break ground Friday near Libbie and Grove avenues.
The project at 510 Libbie Ave. was announced in late 2012.
Nine of 15 residences have been sold, and prices range from $575,000 to $1.2 million.
“These condos are not being purchased by people who need financing,” said John George, who is developing the Tiber with Scott Boyers, Jennifer Fergusson and Berkeley Fergusson. “We have lots and lots of typical empty nesting people that are looking for a luxurious condo, larger and better located than what’s out there.”
The project will include 12 flats that range from 1,919 square feet to 2,470 square feet, two 3,563-square-foot penthouses and a 2,292-square-foot cottage.
The unsold spaces include five smaller, Guthrie Avenue-facing flats and the cottage. George said the developers pushed back construction until they had presold a target number of the condos.
“The reason we wanted to do that was because we wanted the Tiber to be a risk-free project,” George said. “Rather than build it as a speculative project, we presold them and were able to sell nine of them just since January.”
The architect for the project is SMS Architects in a joint venture with John K. George & Company. George will be the general contractor on the project, and construction is being financed by Middleburg Bank. The Fergussons, who are real estate agents with Long & Foster, are marketing the homes.
The construction is expected to take 18 months.
After stalling when the economy tanked, the local condo market has shown signs of life over the past 18 months. The developer of the 77-unit Nolde Bakery last month announced that he’s putting the Church Hill complex’s apartment units back on the market as condos.
Sandi Lent, a marketing consultant for Nolde Bakery, said 10 units are under contract eight weeks after they hit the market.