First Columbia LLC has started construction on the final phases of a townhome development in the Adirondacks near the base of Whiteface Mountain, called the Owaissa Club.
The Adirondack townhome community, is located in the town of Wilmington, just North of Lake Placid. The community completed Phase I in 2020 and recently kicked off Phase II & III with the overwhelming activity in unit sales. Once completed the Owaissa Club will have nine buildings and 27 total townhome units.
Out of the 18 units in Phase II & III, seven units are left ranging in price from $500,000 to $635,000. Expected to be completed by Summer 2024, the townhomes are listed with Michael Martineau of Merrill L. Thomas Real Estate in Lake Placid: (518) 523.2519 – Listing
The project is a special one for the Capital Region commercial real estate developer.
“First Columbia founder, Kevin Bette, and his college roommate, the late Paul Wos, were looking to buy land to build townhomes near Lake Placid. Bette and Wos went to Clarkson University in Potsdam together, and Bette has had a camp in Lake Placid for several years.” said Nathaniel Bette, project manager at First Columbia. “They were brought by a broker to this great spot in the hamlet of Wilmington on the Ausable River and the project was created.” Nathaniel Bette said.
“Wilmington is a great place, it got overlooked being a neighbor of Lake Placid and there was not a lot of action for restaurants and other development,” Nathaniel Bette said. “I’ve been happy to witness the evolution of Wilmington being a town people notice and are actively searching for, not just as the spin-off town of Lake Placid.”
Phase I of the Owaissa Club started in 2011, first as vacation rentals due to the market. By 2018, two more buildings with three units each were constructed and by 2020 completely sold out.
With the overwhelming activity in the real estate market, Owaissa Club has become a hot property for people and families looking for a second home in the Lake Placid area. The homes are high quality without the Lake Placid high prices. Attracting active families who like to hike, mountain bike, ski, fly fish and enjoy the Adirondacks, the homes offer 4-season fun.
Two more buildings are under construction now and are expected to close in August. Construction of the remaining four buildings is expected to be completed by next summer.
“We’re thrilled to be finishing up this complex and delivering a product that Paul Wos would be very proud of,” Nathaniel Bette said. “We’re so happy to be witness to these friendships born out of our owners who have come to join us at the Owaissa Club.”
Kevin Prunty, the project coordinator from First Columbia, said four of the six units made available to purchase in this phase of the project sold out within a week on the market. The townhomes are set up with three two-floor units to a building. The end units have three bedrooms, ranging from 1,535 square feet to 1,800 square feet and the middle units are two bedrooms at 1,320 square feet.
Of the seven units still available to purchase, the three-bedrooms are listed between $605,000 and $635,000 and the two-bedrooms are listed at $500,000 to $535,000 for this current phase.
“It’s the only HOA community in Wilmington. So people driving out from Jersey or Saratoga on a Thursday like that the driveways and walkways are shoveled. They don’t have to mow the lawn. Everything’s kind of taken care of already,” Prunty said. “We switched up design from 2019 to more of the mountain modern look, and are one of the first townhomes in the market to do it.”