October 12, 2008
Restaurateur Sadorra tries his hand at downtown living
Advertiser

CHARLESTON, W.Va. - Charleston restaurateur Virgil Sadorra is at it again, but this time it's something completely different - loft-style living in downtown Charleston.

He's made a brochure for his planned Rose City Lofts, and now he just needs some tenants - six of them.

"You have to have a certain personality to live downtown," he said. "People have said, 'You won't sell it.' I said, 'Let me try at least.'"

In 2006, Sadorra purchased the old Rose City Press building on Virginia Street. He had immediate plans to reopen his Delish restaurant, which had burned to the ground in March 2006.

"The fire gave me a new perspective on the industry," he said in June 2006. "Persistence is the key in entrepreneurism."

He still believes that two years later.

"From that fire, I think I found balance," he said last week. "It changed the perspective on how I looked at things."

Since 2006, he has been busy. He's opened Cilantro's in the old Delish spot on McFarland Street, Delish Express on Washington Street East and is revamping the Vandalia Lounge on Hale Street.

Downtown living isn't a new concept for Charleston. Other loft projects - individual units on Hale Street and 816 on the Boulevard - have happened. Others - Marketplace Lofts on Court Street and residences at KB&T Renaissance Tower on Capitol Street - haven't really. 

Why is Sadorra's project different? First is the price point, he said. A move-in-ready, 1,000-square-foot, two-bedroom, two-bath loft will start at about $200,000, he said.

His price is based on what people are asking for, he said. He's targeting the young professional crowd, who, in some cases, are already paying $600 to $800 a month for apartment rents, he said.

A $200,000 mortgage wouldn't cost that much more - in the $1,000 to $1,200 range, he said.

"And you own it," he said.

There will be two units each on the second, third and fourth floors of the building, he said. The units will have either a river or city view, he said.

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Posted By: 1Person (11:32pm 10-12-2008)
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I also concur with everything previously said by other users. I don't have that much in student loans(under $10,000), but even with a college degree I can't find a job that will pay me more than $30,000. There are waitresses in this area that make more than that! With my barely $30k salary and great credit score, there's no way I could afford a mortgage. Yet another West Virginian pipe dream...

Posted By: Newsie (5:05pm 10-12-2008)
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As a “young professional” I would love to live downtown, as well as my other friends, but there are a variety of reasons it’s just not working out. First and foremost, it sounds like they’re wanting people to buy these, not rent. Developers need to realize that after thousands upon thousands of dollars in student loans, plus any credit card debt, car payments, etc., many of us can’t afford to have a mortgage if we can even get one. Thanks to the mortgage mess, probably 90% and upwards of us won’t even qualify for one, even if we have good credit. There is also a difference in paying $600-$800 in rent, and paying $1,000 a month for a mortgage. Many of us don’t live on our own. Most of my friends ages 22-30 live either with roommates or their spouse. You can split rent, but you can’t split a mortgage. There are also few amenities downtown for people. Apartments downtown are a wonderful idea that I would love to see bloom, but this just isn’t the time for them.

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