John Boyle

jboyle@citizen-times.com

In the works for years, the 45 Asheland condominium project is set to break ground Friday morning.

The seven-story building will take shape across the street from the main city of Asheville bus station on the South Slope, an area just south of downtown that has boomed in recent years with breweries and restaurants. Plans for the project date back to early 2013.

"Obviously, that whole South Slope is so hot right, with all that's going on there, so the location is great," said Scott Mills, a broker with Beverly-Hanks & Associates, the real estate company that will handle sales. "We think this is going to be an anchor. We’re almost half sold, with 20 percent down, and we haven't even broken ground."

The building will comprise 39 condominiums and two commercial spots on the ground floor, which will a wine and coffee bar and a sandwich shop. The project will offer one, two and three bedroom condos, with prices ranging from "just over $400,000 on a one-bedroom up to $990,000 for a three bedroom penthouse."

One bedroom units will be 816 square feet, two bedrooms 1,190 square feet and three bedrooms will be 1,498 square feet. The building also will have secure parking beneath it.

The building will be the first condo project in the Central Business District since a new building went up at 60 Market Street in 2008. Another major condo project will take shape in the BB&T Building downtown, where developer John McKibbon plans to renovate the building, creating a mix of 114 hotel rooms and 54 condos.

"There’s definitely demand," said Byron Greiner, a broker with the Dwell Realty Group, part of Keller Williams. "We can see with something that's making new activity downtown, they’ll sell. We still have a shortage of condos."

Greiner is not affiliated with the 45 Asheland project but he sells real estate downtown.

Mills said another selling point for 45 Asheland is that they will allow short-term rentals on floors three-five.

Doug and Louisa Combs, retirees who live in Waynesville after careers in Charlotte, are some of those early buyers in the new building. They plan to make their three-bedroom condo their primary residence.

"We love Hendersonville and Asheville, and all along when we were working we said we wanted to live in Asheville when we retire," Doug Combs said. "As far as 45 Asheland, it's the location. It's perfect for for us."

They belong to two churches within a few blocks, and they love the vibe of the South Slope.

"Another major factor is we want to stay right there and avoid the traffic," Combs said.

The development group on the project is Asheland Avenue Group, LLC, which includes local architects Peter Alberice and Robert Camille, Don Wilcoxon of California and Al Sneeden, who lives in the Asheville area. Sneeden said he expects the building to be complete by the end of 2017.

Asked about the delays, Sneeden said, "The economy."

"It's the last recession," he said. "Now it's cleared, and everything in Asheville is very strong, and now is the time for this project, as is evidenced by the strong market reception we've had so far."

Mills said the total cost on the building will be about $21 million.

With a hotel and apartment boom in Asheville, and tourism setting records, Mills expects the property to sell out. He and his business partner, William Coin, specialize in condominiums, and the market has been starved for new product, Mills said.

"We just have had no inventory to sell, and that's very reflective in price per square foot, which has been going up systematically," Mills said. "We're seeing condos going on the market for four, five, six days and they're gone. Builders need to build more."

The groundbreaking, which will mark the start of demolition on an existing building on the site, is set for 10 a.m. Friday.