Walnut Hill Townhome Developers Slowly Circling The Block

Saturday, August 16, 2014

Developers of the Walnut Hill Townhomes are slowly circling a downtown block.

Units were first built the length of Cherry Street between Aquarium Way (Second Street) and East Third Street.

The newest units are rising along East Third.

Dale Mabee, who is developing the upscale project along with Don and Mike Moon, said two of the five East Third two-story units have been sold. There were 12 sold along Cherry Street.

Mr. Mabee said as units are sold, the development will continue to the corner of East Third and Walnut, then go back along Walnut toward Aquarium Way.

The group has an option on a current lot owned by the city that has long been used as a parking lot. It is at the corner of Walnut and Aquarium Way. Mr. Mabee said the lot is sparsely occupied except for weekends and special events.

Mr. Mabee, noting that the project was started in 2008 before the real estate market took a nosedive, said, "We feel very fortunate to have done as well as we have in a down market."

He said potential buyers o Walnut Hills Townhomes "like the fact that there is not communal parking or someone over you like in condos." The units come with two-car garages in the rear. There is a "bonus room" above the garage. He said some have used as an extra bedroom and others as offices.

There is an option for an elevator in each of the units - whether two-story or three-story.

A unit that has been furnished as a model on East Third Street is priced at just over $600,000.


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