Demolishing the Quay

The wrecking ball started working on The Quay yesterday to make way for the new billion dollar development of retail and residential space. I am happy to see that they will finally be taking down the derelict building.

The first of three planned residential towers, slated to contain roughly 700 units, could be done in late 2010 or 2011. I am surprised to see so many residential units in the plans. In all of 2006 roughly 150 condos sold in the downtown area and that number includes all of the sales in 100 Central which were made in 2004.

We have plenty of downtown condos for sale now. There is demand for property in this area but they have to be priced well. I think the developer, Irish American Management Services Ltd., will need to a good number of units in the "middle of the road" price range in order to sell 700 of them.

I think it will eventually be a great destination place with all of the planned shopping, restuarants and entertainment.

I wonder why they have not planned any convention space in the project. More meeting space would support more hotel rooms, jobs, travel, etc.