Scott Bayer and Rani Hussami, partners in Ryan Jackson Properties, said the project, known as 220 W. Market, has 28 of the units sold, with condos ranging in price from $97,000 to $194,000 and in size from about 550 square feet to 1200 square feet.

Many of the buyers are students attending the Elon University School of Law, which is around the corner from the project, Bayer and Hussami said. Bayer has also bought a unit.

Plans originally called for 21 units ranging in size from 700 square feet to 2,000 square feet, but Hussami said the pair decided to maximize the space by creating 33 smaller condos instead. Prices on the units were also lowered.

Ryan Jackson Properties paid $1.4 million for the 27,000-square-foot building last October, and at that time estimated they would spend between $2 million and $3 million on renovations. Bayer and Hussami would not say how much the final construction cost, but said it was about 5 percent more than originally planned because of some fire code issues.

Some downtown projects, most notably Bellemeade Village, have been delayed because of lack of interest. But Bobbie Maynard, a broker with Allen Tate who is marketing 220 W. Market and other downtown projects, said there is still demand for downtown housing. She said she gets several calls a day about people interested in living in the center city.

“The early wave of people interested in downtown may have passed,” she said, “but there is definitely another wave coming.”

While Ryan Jackson Properties has built condos in other parts of Greensboro, this was the partnership’s first downtown project. Bayer said they are interested in doing other projects in the center city if the right property comes available.

Reach MICHELLE CATER RASH  at (336) 370-2918 or mrash@bizjournals.com

RYAN JACKSON PROPERTIES LLC
Partners: Scott Bayer, Rani Hussami
Address: 101 S. Elm St., Suite 101G,
                Greensboro 27401
Phone    : (336) 379-0063