Real estate brokers say this is one of the first full-scale condo projects in the area and is something not seen before.
The question is whether the expensive condos will sell at asking prices between $200,000 and $1.2 million.
The high-rise project was chosen by the city of Rochester this week and 120 condos will be a part of that.
The advantages of condominiums is that real estate taxes are cut in half and you don't have to maintain your property like you would a house. The Waterfront Rochester project has an 800-square foot one-bedroom unit that would sell for $200,000. A penthouse could cost up to $1.2 million.
Local real estate broker Joe Cattalani tells News 8 construction is double the cost for a high-rise building than a mid-rise because of the materials required.
"When you build these high-rises you have to sell them for such high price points to make the project work. I don't think is going to gain traction. I don't think the absorption is there," said Joe Cattalani, real estate broker.
We spoke with another area real estate broker, Bob King, who thinks Waterfront Rochester will be a destination, especially for an international market looking to buy.
The developer, Greg Weykamp, says they plan to do even more market research over the next eight months.
"We are confident they have worked in other places and they will work here. I know it seems out there right now," said Weykamp.
Affordable and market-rate housing is also expected to be a part of the project.
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