Developer adding 2 housing projects in Santa Fe
Seattle infill developer Gary Hall swooped into Santa Fe to build townhomes and single-family detached homes at two locations, one near downtown and another around midtown.
Hall started construction in October on the third phase of townhomes at Rosario Hill Compound on Rio Grande Place just north of Paseo de Peralta.
The first two phases were built leading into the 2008 recession. The third phase, on three parcels covering about an acre, remained untouched until Hall bought the property about three years ago.
“What I see is the location,” said Hall, owner of Red Horse Residential Development. “I walk to the Plaza in 10 minutes. We do in-city, infill projects. All the infrastructure is already in place. The risk is less.”
The $2.5 million third phase of Rosario Hill involves a five-townhome structure, a four-townhome structure and a single townhome.
The townhomes will have two-car garages.
“Originally, the design had no garages in Phase 3,” Hall said of the decade-old plans he inherited when he purchased the property. “I talked to a lot of Realtors. They said people need parking.”
The townhomes all will have two bedrooms, ranging in size from 1,250 to 1,550 square feet for. Prices are $450,000 to $580,000.
Hall said all 10 units had presale reservations within six weeks, but three townhomes are now available. Reservations will be converted into sales contracts during December, he said.
The townhomes should be ready for occupants in May and June. Ron Montoya Design of Albuquerque is the architect and Platinum Sky Construction of Santa Fe is the general contractor.
Hall still splits time between Santa Fe and Seattle, though he moved here three years ago. He has developed about 15 multifamily projects in the Seattle region, including condos, townhomes, apartments and a few single-family homes.
Hall also recently won city approval for a 32-home single-family home development on 7 acres on a narrow, curving, triangular patch that used to be a rail spur near St. Michael’s Drive and Fifth Street. The main access to Cerro del Norte is a 40-foot-wide right-of-way between two developments on Fifth Street, across from the Social Security Administration.
“We’re right in the middle of everything,” Hall said. “From there, you can get everything you need in a day in five minutes.”
He envisions homes of about 1,350 to 1,550 square feet priced from $350,000 to $450,000, which straddles the $394,000 median home price in Santa Fe as reported for the third quarter by the Santa Fe Association of Realtors. He acknowledges homes may have to be smaller to reach the lower dollar end.
“We’re going to try hard to get that to $350,000,” Hall said. “We would have to be 1,100 square feet.”
Per city requirement, 20 percent of Cerro del Norte homes, or six homes, will be priced as affordable housing, at about $140,000.
He expects to get an infrastructure permit in February with intentions to start home construction in May or June. He estimates infrastructure cost at $2 million and homebuilding for “at least another $5 million.”
“I’m looking for this stuff that maybe other people aren’t looking for,” Hall said.