Marq condos to be highest-priced in Metro

Ron Sohr's The Marq of Nashville condominium development has run out of penthouse suites.

The upscale high rise condominium development, the first of such since 1976 in Nashville, has sold almost 50 percent of its preconstruction offering, says Ron Sohr, president of Mertech Development and developer for the project. Part of that 50 percent includes all five penthouse suites valued between $1.7 million and $2 million.

Pre-sales generally represent 5 percent of an individual condominium's market value.

Pre-sales now total $33 million of the $70 million Marq development. Sohr's original pre-sale goal was $55 million and it appears all is going according to plan, having achieved the $20 million mark earlier this year.

"We entered this program concerned about being able to sell our most expensive units, and to our surprise they have been the first to sell," says Sohr.

The Marq is not the first upscale condominium development in Nashville of late, but it will be the most expensive.

"The pricing at The Marq is higher than the pricing of other Nashville condominiums, but a real bargain when compared to the prices of similar residences in other cities," says Sohr.

Pricing comparison information provided by Sohr shows square-foot prices for other local condominium developments vary significantly. For instance the Rokeby price per square foot averages between $110 to $115, Jacksonian $203, West End Lofts $208, Windsor Towers $120 to $124 and Westbury $150 to $160. The Marq average price per square foot is between $254 and $386.

Average prices for the soon-to-be-developed units range from $750,000 for the Ambassador units to $1.6 million for the Barrington units.

Condominium association fees, which some already consider high in Nashville, aren't going to run cheap at The Marq.

"Condo association fees in Nashville range from 45 cents to $12.5 cents per square foot," says Sohr. "We feel our estimated cost of 38 cents per square foot is reasonable and may be lower in early years after construction because of newness of supplier warranties."

The Marq will be built on 7.34 acres on the top of a wooded hill located at the corner of Interstate 440 and Hillsboro Road. The Forest Hills Apartments are currently located on the site and will be torn down to make way for the development.

Sohr is marketing the project with the help of his son, Michael, who is a Realtor with Fridrich & Clark Realty in Nashville.

Father and son just returned from a trip to Houston to see a final version of what The Marq is expected to be.

Montebello, located off West Loop 610 in Houston, is representative of what the Sohr's are trying to accomplish in Green Hills. Prices for that upscale development range from $500,000 for a single bedroom unit to $1.8 million for a penthouse.

Sohr says he expects the project to be finished in 14 to 18 months after groundbreaking, which he says will be in December.

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