Spirit Investment Partners: Sutton Place
Spirit Investment Partners and Kaali-Nagy Properties.
Spirit’s $39.8 million proposal, called Sutton Place, would be a four-story, 162-unit apartment complex with a pool, community gardens, dog run and public park. The development could also include a community arts center. There would be 21 studio apartments with $1,700 rents; 96 one-bedrooms at $1,900; 41 two-bedrooms, $2,400; and four $3,500 rental homes fronting Sutton Avenue. The underground parking garage will have 198-spaces.
The time frame for the development is expected to be 18 months – providing all required permits and paperwork are met. In order to finance the cost of the garage, pegged at about $6.5 million, the proposal asked for a 14-year tax abatement, which was estimated to total roughly the same cost. The abatement would run out in 2038.