DULUTH – Developers are planning a luxury condo complex overlooking Lake Superior in a major bet that Duluth's shoreline will draw those willing to pay a premium for an unbeatable work-from-home view.
The Breakers on Water Street will include 16 units ranging in price from $900,000 to $2 million or more, and already buyers are lining up, developers said.
"Not only are we getting interest from locals, we are seeing demand from people in the Minneapolis/St. Paul metro area who realize they could live on the shores of Lake Superior and work from there," said developer Sandy Hoff with F.I. Salter Real Estate. "It was clear to me there was pent-up demand from folks, many of them retirees, or professionals well along in their career, who are looking for a condominium in this price range."
Situated between the Ledges luxury townhouses and Beacon Pointe resort just off the 21st Ave. E. interstate exit, the four-story complex would include heated underground parking and a rooftop terrace.
The roughly $18 million project needs approval from the planning commission to sit 10 feet higher than is now allowed. If approved, construction could begin as soon as next spring and units could open in 2023.
Hoff said no public financing or subsidies are being sought.
While Duluth is in dire need of housing at much lower price points, there is a shortage at all income levels.
"We need all kinds of housing in the community," said Adam Fulton, Duluth's deputy director of planning and economic development.
Prices for luxury condos and townhouses in Duluth — like those in the Sheraton downtown or at the Ledges — often exceed what is fetched for the city's enormous, historic mansions. Hoff said there is a waiting list for the Ledges, which indicates a strong market.
"I think we're going to sell out quickly."
Brooks Johnson • 218-491-6496