Spanish Town houses might be saved by new design

One possible new design for Capitol Lofts, the controversial proposed apartment building on the north edge of Spanish Town, would adjust the project’s footprint so that seven houses that contribute to the neighborhood’s historic designation could be saved after all, according to people present at a recent meeting between developer David Slaughter and other interested parties. Under the possible redesign, five houses on State Capitol Drive and North Seventh Street would remain in place, while two houses on State Capitol Drive would be moved to other vacant lots in Spanish Town. Still, saving the houses doesn’t address the question as to whether the scale of the project fits into the neighborhood under the historic district guidelines. “We’ve been told by the developers from the beginning that they either have to build out or build up, in order to make it work economically,” says Historic Spanish Town Civic Association Chairman David Brown. A narrower footprint could require a taller project than the neighborhood is comfortable with, Brown says. Darryl Gissel of Oak Real Estate, who also attended the meeting, says the appraised value of the land was presented as $55 per square foot, which some believe is artificially high. Gissel, who is familiar with the Spanish Town real estate market, says another lot in the neighborhood with the same zoning sold for less than $17 per square foot in 2007. He says the higher appraised value might be based on the “highest and best land use” for the site. For example, an appraiser might say the highest use of the land would be to build a high-rise that would require a zoning change, Gissel explains.—David Jacobs