Downtown Riverfront residences to have 50 units from $600,000s to $1.675 million; builder thrilled
by Jenna V. Loceff
NAPA – The Riverfront, a long awaited mixed-use development in downtown Napa, has sold 10 of its 50 condos in the first night of previews.
“It is truly amazing with the economy and all. To have this happen in very encouraging,” said Mike DiSimoni Sr., president of Channel Properties, the developer of the Riverfront. “We know there was a demand for luxury living in downtown Napa, but this event surpassed our expectations.”
The homes sold in one evening and are one- to three-bedroom condos ranging in price from the high $600,000s to $1.675 million.
Johnson Lyman Architects, based in Walnut Creek, designed the buildings. Established in 1991, it has completed several mixed-use projects before, including one in Lafayette and one in San Rafael.
Johnson Lyman brings its signature modern twist to the Riverfront, which has a decidedly European aesthetic.
Mr. DiSimoni said that most of the buyers have homes in Napa and have watched the buildings as they went up.
“Several indicated they had been waiting for luxury, downtown living for some time. They are very excited about the redevelopment of downtown and the lifestyle of being able to walk to fine dining, the opera and other downtown events,” Mr. DiSimoni said.
The Riverfront is on Main Street in downtown Napa, across from the Napa River and close to the Napa town center. The Riverfront residences are slated to be completed in February of 2009. In addition to the residential space, the Riverfront consists of 40,000 square feet of retail space and 30,000 square feet of office, 8,600 of which will be occupied by Morgan Stanley, according to Channel Properties.
The project has been in the works, between planning and approval and permits for nearly 10 years, according to Mr. DiSimoni. The Riverfront ranked No. 12 on the Business Journal’s largest construction project list for 2008.
In 2003, Channel Properties was awarded the Napa County Landmarks Historic Preservation award for its work on downtown’s Winship Building. Currently, Channel is renovating Napa’s Alexandria Square building.
Article reprinted from North Bay Business Journal