It’s nearly a year overdue, but move-in day for new owners of condominiums at The Gregory in downtown Edmonds looks to be March 31.
Construction crews are bustling to finish the complex at 505 Fifth Ave. S. that literally is rising from the ashes after an arson fire in December 2005 destroyed the 80-percent-finished, $5 million structure. The opening date had been set for April 2006.
Two men pleaded guilty to arson charges and are slated for sentencing in U.S. District Court Feb. 23. A teenage boy implicated in the fire also pleaded guilty and is awaiting sentencing March 15 in Snohomish County Juvenile Court.
This past year was a tough one for developer Bob Gregg, the principal in Fifth Avenue Development, Inc., developer of The Gregory. In addition to a split with the builder of the original complex after the fire, Gregg said he has been battling the insurer of The Gregory over coverage and reimbursement.
His company also became embroiled in a lawsuit brought by pre-sale buyers unhappy with new purchase agreements offered them in light of the delayed rebuilding and higher construction costs. Gregg said the suit recently was dismissed in Snohomish County Superior Court and the units went on sale the first of February.
In an unrelated issue, Gregg recently initiated action in Superior Court against Edmonds and the City Council’s decision to disapprove his plan to renovate the Old Milltown shopping center a few blocks north of The Gregory. He also has filed a claim with the city for damages related to the council’s decision.
As for the three-story Gregory, nine of 28 available units sold in the first week of February at prices ranging from $449,000 to $899,000, Gregg said. The available units have price tags starting at $469,000. The one- and two-bedroom units sit atop ground-level retail spaces.
Sales are being handled by Williams Marketing, Inc., in Seattle. That firm offers real-estate builder services, marketing and sales assistance for, primarily, condo and townhouse projects.
Williams Marketing will host an open house at The Gregory from 11 a.m.-4 p.m. this Saturday, Feb. 17. Bridgette Greenwood, site sales manager, said “tours are iffy,” due to safety considerations at this point in the construction process. But, she added, visitors can view a visual presentation and ask sales representatives questions about the condos.
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