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VOL. 121 | NO. 51 | Friday, March 3, 2006

Madison Avenue Building Turns Inside Out

Redevelopment effort at historic structure to make way for 26 luxury condominiums

By Andrew Ashby

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MONUMENTAL CHANGE: The 18-story Goodwyn Institute Building at 127 Madison Ave. soon will become home to 26 luxury condominium units. -- Photograph By Andrew Ashby

The developers of the Goodwyn Condominiums at 127 Madison Ave. are looking to blend a historic building with high-tech amenities.

The 18-story, 68,000-square-foot building is being redeveloped by Henry Grosvenor and J. Hollingsworth of Capital Development LLC for $9 million.

Once completed, the Goodwyn will offer 26 condo units. Floors two to 10 will have two condos each, one with 1,300 square feet and the other with 1,400. Each unit will have two bedrooms and two baths. Floors 11 to 18 will house single, 3,100-square-foot condos with three bedrooms and three baths each.

Grosvenor and Hollingsworth initially intended to convert the old Goodwyn Institute Building into apartments, but instead adjusted to buyers' prevailing tastes.

"As the market changed and the demand increased for condominiums, we realized what a great layout the building had," Grosvenor said.

Grand entrance

The building's contractor, Barnett Naylor Inc., is stripping the building down to its frame and removing all windows, walls and elevator equipment.

Workers have left only concrete columns on each floor. Construction calls for replacing the three existing elevators with two modern, high-speed elevators. Floors 11 to 18 will have elevators opening into each residence. The elevators will have security features that allow only residents to access their floors.

Residents also will have two parking spots for them at a parking garage behind the Goodwyn building.

Six months ago, crews tore down the Piccadilly building next door to make room for a courtyard with an entrance to the garage. Grosvenor said the courtyard will be heavily landscaped and will include fountains.

"As the market changed and the demand increased for condominiums, we realized what a great layout the building had."
- Henry Grosvenor
of Capital Development LLC

"We want to give it the feeling of an oasis, where when you pull in there you have a real sense of arrival," he said.

Capital Development also is looking at Smart House technology, a system that allows residents to adjust lighting, temperature and music from remote locations.

"It's the most modern, cutting-edge technology that you can find anywhere, yet you're in a building that's a beautiful historic landmark," Grosvenor said.

Grosvenor has been living nearby for two years and said the Goodwyn's location is another selling point.

"Just being in the core of Downtown, I can go three or four days without having to get in my car," Grosvenor said. "I've got the post office; I've got some of the best restaurants in town within a half-block from my front door. You've got a bank, dry cleaner and (Walgreens) for day-to-day necessitates."

Dressing it up

Amelia Carkuff, owner of Carkuff Interior Design, will be working on the Goodwyn's interior.

She said the building was built in 1910 for First National Bank. As it grew, the bank switched buildings with The Goodwyn Institute, an organization that educated small business owners on the latest technology from a building across the street.

"The project has a lot of historic significance, especially to that part of town," she said. "This building is steeped in the success of the cotton industry."

Jennifer Murff, an affiliate broker with Bluff City Realty LLC, the company that's handling the condo sales, said the Goodwyn's lobby and rooftop will anchor the project. The roof will have plants around the perimeter, as well as a hot tub and an indoor and outdoor catering kitchen.

She said the project's construction will maintain several historic features, including the lobby's arched ceilings and original tile.

"You have lots of fabulous architectural details," Murff said. "You've got huge windows at the corner of Second and Madison, and it's almost like a fishbowl in that lobby."

The catering kitchen and bar will be in the lobby for parties.

In the lobby bar area, each resident will have a brass cocktail storage box that is made to look like a security box in a bank vault. The concierge station is set up like a lectern, a reference to the seminars held at the Goodwyn Institute.

Although construction is on schedule, Bluff City Realty hasn't started marketing the building or decided how much each unit will cost.

"We're projecting that the first people could move in by the end of the year," Murff said.

PROPERTY SALES 56 94 12,852
MORTGAGES 23 50 8,053
BUILDING PERMITS 285 422 30,356
BANKRUPTCIES 23 67 6,131