The Lowry Hill East (Wedge) Neighborhood Association voted to recommend city approval of a five-story condo development at the southwest corner of Lagoon & Emerson avenues.
The developers of "The Edge" include Financial Freedom Realty and the Ackerberg Group, the same duo spearheading the condo/office redevelopment of the nearby Lagoon Theater parking lot, 1320 Lagoon.
The Edge’s first level will feature 12,500 square feet of office/commercial space, with 42 condos on the four upper floors. Units will range in size from 640 square feet to 1360 square feet, with inset balconies. There will be 43 underground parking spaces for residents but none for visitors. Units in the building will range between $170,000 and $400,000.
The developers approached the neighborhood board to seek support for a rezoning from C2 to C3A, plus a conditional-use permit and two variances.
The zoning change allows for more square footage. The conditional-use permit allows the building to rise 64 feet instead of 56. The two setback variances are being sought for the south and west walls and omit a loading area that C3A zoning requires. Businesses will use the alley for loading.
The project’s commercial component requires 28 parking spaces; 15 will come from a parking lot adjacent to the site and the other 13 will be designated behind the Lagoon Theater.
LHENA board members briefly voiced questions and concerns about the lack of visitor parking, no on-site restaurant and preservation of on-street parking on Lagoon and Emerson. City rules require the developers to do a Traffic Demand Management plan. The neighborhood group ended up giving its approval without conditions.
Chief Executive Officer for the Ackerberg Group, Stuart Ackerberg, said the development team hopes to start construction on the mixed-use project in late fall.