Developer Eli Sokorelis does the honors during a ribbon-cutting ceremony Monday, Aug. 19, 2024 for the downtown Portsmouth condo development known as 238 Deer Street, along with members of the Brick & Barn | Compass team, which is selling condos at the property. (Courtesy of Brick & Barn | Compass)
A development of 21 downtown condos — all 500 square feet or smaller — in the city’s booming North End, could be completed by the end of the year, according to developer Eli Sokorelis.
The condos, which were described as micro units during the project’s review by city land-use boards, are being built on the site of what was formerly a VFW post location and Statey Bar & Grill.
A new North End in Portsmouth
Sokorelis, a Seacoast restaurateur, said he was proud to see work moving along on his condo project, at the same time other condo projects, along with a new hotel, are being built near the city’s Foundry Place parking garage.
“It’s a new North End,” he said during an interview after a ribbon-cutting ceremony at the development Monday morning. “I’m glad our project is moving forward along with all the other projects in the area.”
He’s developing the project with Buzz Couillard.
There will be no reserved resident parking at the 238 Deer Street condo project, but the Foundry Place garage is about a one-minute walk away.
What are the prices for condos?
Prices for the condos in the development, called 238 Deer Street, will range from $525,000 to the low $600,000 range, according to members of Brick & Barn | Compass, the real estate company that’s marketing and handling sales.
Sokorelis believes the 500 square feet or smaller condos will be bought by a “mixture of empty nesters, young professionals and young couples who want to live downtown.”
Scott Rome, the managing director of Brick & Barn | Compass, said, “We’re not really labeling them micro units,” when asked about the condos Monday. “They’re smaller units than your traditional size with a price point that is unique to new development downtown, so people can afford to get into downtown Portsmouth.”
Like Sokorelis, he believes the condos will appeal to a mixture of potential buyers.
That could include buyers using it “as a crash pad for people who want someplace to stay when they come and spend time in Portsmouth.”
They will also appeal to “first-time homebuyers who want to be in town but at that price point,” Rome said, along with “retirees who are snowbirds but want to keep a place here for the summer.”
“It has a nice mix of applications for different segments of buyers,” he added.
Commercial space on ground floor
In addition to the 21 residential condos, there will also be a 3,000-square-foot commercial space on the first floor, Rome said.
“We have a few people who are interested, so we’re having discussions now,” he added about a potential tenant for the space.
The large majority of the units will be one bedrooms, according to Rome, but there will be a few studios.
A rendering of what the completed 238 Deer Street project will look like when completed, with 1 bedroom condo starting at about $525,000. (Courtesy of City of Portsmouth)
Penthouse units with outdoor space
238 Deer Street will also offer residents a “rooftop common area,” and there will be four units at the penthouse level, Rome said.
Joey Giordano, the senior vice president of Brick & Barn | Compass, said there will be two one-bedroom units at the penthouse level and two studio condos.
All will have outdoor spaces, he said.
The one-bedroom condos at the penthouse level will be the same size as the other condos in the building, he said, but they will have “the outdoor amenity. It’s going to be a great view of downtown Portsmouth.”
Rome said he believes as word starts getting out, excitement about the 238 Deer Street project will grow.
“It was just a couple of days ago that word started to leak out that we were handling the building, and we’ve already had people who were like, ‘Can I get on the list?’” Rome said. “It’s a price point that’s unique for new construction in downtown Portsmouth so I think that’s going to draw a lot of attention.”
Standing outside as the noise from four different major construction projects rang through the air, Rome said, “To see the North End become such a thriving area of Portsmouth, and coincidently or not, all at the same time … it’s become a wonderful section of downtown.”
For interested buyers, Rome estimated in a few weeks Brick & Barn | Compass will start “taking nonbinding reservations” for the condos.
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