By Sadef Ali Kully
Farmers Boulevard Community Development Corp. announced last week it is seeking buyers and businesses for a property at 113-50 Farmers Blvd. in Saint Albans currently under development.
The property, previously a vacant lot, is planned as four attached, three-story, two-family residential homes, all for sale.
The developer refers to the project as Core Four and is prepared to convert the ground floor of each building to commercial space if buyers are interested in having business establishments at these locations.
The upper floors of each building would still have apartments.
Farmers Boulevard Community Development Corp. wants to attract businesses such as a café/ bakery, health food and natural supplement store, home care office, elder care agency, law office, pediatrician, pediatric dentistry or optometrist/optician.
The FBCDC held an informational meeting on Aug. 27 at 113-16 Farmers Blvd. to pre-qualify possible buyers, suitable business operators and alternative business ideas for the Core Four property site, which more than 20 real estate agents and business owners attended.
“We had a mix of business owners and real estate agents, which we wanted,” said Isa Abdur-Rahman, president and executive director of the development corp. “We also wanted immediate residents to come by so they know about the impact of the development – it is key to keep the people being affected involved,” he said.
He said the commercial viability of the Core Four buildings is based on two major factors: “Economic stability and demographics of the surrounding residential neighborhood.”
Abdur-Rahman went on to say “there is no question that Saint Albans is an economically strong area, with a healthy mix of youth, working adults, and seniors.”
The average household income in this neighborhood is strong at more than $80,000 per year and the median household income is over $67,000 per year, he said.
“Despite the strong demographics of the area, certain services and amenities are not yet well represented along the Farmers Boulevard corridor,” he said. “The Core Four buildings are a unique opportunity to bring new services to the community in a fresh and convenient way.”
The Four Core estimated costs of the buildings range between $580,000 and $620,000, according to Abdur-Rahman.
The FBCDC estimates potential residential rental income, based on existing rent data, at between $1,250 and $1,750 per month, while leased commercial space may generate $2,000 to $2,800 per month.
Reach Reporter Sadef Ali Kully by e-mail at skull
