Since January, 2003
            
 (a random before-and-after moment)
May 4, 2003
July 17, 2016
5th at L, Looking West (see more)

Last last week the sales team at Velocity began contacting residents-to-be with the news that they are planning to begin settlements on units in the building on Sept. 21 (unless issues crop up), and also will be moving the sales center into the building itself on Sept. 1 (there will also be three additional model units opened, on the 10th floor where the current model unit is, too).
The 200-unit building is still less than half sold, which is deduced from learning that the sales people are advising reservation holders who are planning to get an FHA or VA loan or who are making less than a 20-percent downpayment that it will be extremely difficult to find a mortgage lender until the building is 51 percent sold. Construction on Velocity began in Spring 2007, and the sales center opened that Fall.
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MJM says: (7/20/09 2:38 PM)
Difficult = nearly impossible, unless Congress changes the law, which there is discussion about loosening up the 51% under contract rule.


JT says: (7/20/09 3:47 PM)
Any word on when the restaurant will open in Velocity?


JD says: (7/20/09 4:30 PM)
Haven't heard anything about the restaurant. I see no liquor licenses for that site (though it's possible that one could be being transferred from elsewhere in the city), and no new recent building permits indicating any tenant construction.... None of that is to say it's not happening, it's just that they don't tell me anything, and I haven't heard anything from elsewhere, and there's no public records to hint at any goings-on.


MJM says: (7/20/09 7:32 PM)
If you are looking at the building from First St, the entrance will be/is the glass on the far right of the building. There is some dry wall stacked in that area but no telling if it is for the restaurant or just general construction.


Anonymous says: (7/21/09 8:52 AM)
I've heard some rumblings that Velocity will have a Sports Bar on the ground floor.


JD says: (7/21/09 8:56 AM)
A sports bar at Velocity was mentioned by the Post's Going Out Gurus in early spring, when surveying what is (and isn't) around the ballpark. Not-yet-residents were told by Velocity sales people that they didn't know where the Post got that info, that the plan is for a bistro.

As for what's true and what isn't, we'll just have to see. If "Anonymous" has inside info, feel free to share. ;-)


Ed says: (7/21/09 4:38 PM)
The term 51% sold. Does that mean that % of the units have transfered ownership from developer and new owner? Or that 51% of units are under contract? Ed


Anonymous says: (7/23/09 2:02 PM)
If you look at the BID's website it mentions Justin's Cafe opening August 2009. Move in at Velocity starts to happen at the end of August - I would guess that Velocity might be the home of Justin's Cafe.


Anonymous says: (7/23/09 2:03 PM)
If you look at the BID's website it mentions Justin's Cafe opening August 2009. Move in at Velocity starts to happen at the end of August - I would guess that Velocity might be the home of Justin's Cafe.

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