TOWER— A groundbreaking for the harbor town home development here is now tentatively scheduled for early June, although a final date has not yet been set.
But with funding in place and major progress on sales, lead developer Orlyn Kringstad said the first phase of his overall Tower Vision 2025 project should be ready to throw dirt within a matter of weeks.
As the prospects for the project have transitioned from possible to all-but certain, interest in town homes at the harbor has increased dramatically, said Kringstad, who released new three-dimensional drawings of the project this past week.
The new drawings allow his team to offer prospective buyers virtual walk-throughs of the town homes and view the overall project from various perspectives.
Already, Kringstad has 10-11 firm commitments, with at least 16 more parties or individuals who are now taking a serious look at the project. That poses the possibility that the project could be sold out even before construction begins.
But that won’t necessarily leave hopeful buyers out in the cold. Kringstad said construction of the mixed retail/restaurant/residential component of the project, which will be located to the northeast of the town homes, is now expected to begin almost simultaneously with the town homes. “They’ll be developed in parallel,” he said.
Area residents will be able to learn much more about the project in several weeks when Jeremy Schoenfelder, the project’s master developer, comes to town for three weeks in late May. Schoenfelder, founder of Sienna Partners and an advisor with International Creative Capital, brings a wealth of experience in real estate and business consulting to the project and has been involved in multi-million real estate development projects around the world.
Kringstad said he and Schoenfelder plan to offer a public presentation, both in Tower and in Ely, on their project goals and will discuss the economic impact of the overall project—which they hope will eventually include additional residential development, including a small house project and a hotel— on the overall economy.
For more information on the project, contact Orlyn Kringstad at 612-280-6520 or at Okringstad@nbdi.us.