Hotel Indigo and Residences at 151

The business traveler or casual visitor to the Hotel Indigo in Asheville probably doesn't recognize the complex design decisions that resulted in this impressive 13-story mixed-use structure towering over the freeway on the northern edge of downtown. This site is extremely tight, just wide enough to fit one bay of parking as a podium for the tower itself. It is wedged between the I-240 freeway and busy Haywood Street. You will notice in the pictures below the one-way circulator at the ends of the podium for cars to maneuver between the levels. The 100-room hotel opened in early 2009 along with a restaurant and fitness studio. Unfortunately, it also opened with zero pre-sales of the 12 condos on the upper 4 floors known as the Residences at 151. With prices ranging from $910,000-$1,450,000 for 1,500-2,285 square feet, the units offer the most dramatic views of the surrounding hills and mountains around the city. Of course, there are some lessons learned here for developers. I notice there is no separate elevator for the condos and only one parking space for each unit. Also, a tour of the units revealed some pretty high noise levels coming from the freeway below, presumably due to the type of windows. It all sounds fine for a few nights in a hotel, but could become a nuisance to a $1M+ condo buyer. While the design, layout and finishes of the units are very well done and complement the contemporary styling of the building, the lack of exclusivity and minimal parking at this price point has no doubt challenged the property in this tough market. Currently, the units are also available for 1/10 fractional, deeded, sale at a much nicer price: from $129,000 for 14 days per year at any of the Elite Alliance properties. Monthly dues start at $537/mo. Owners, or their guests, can stay as often as they like here at their home for $20/night. Actual numbers were not available, but some fractionals have been sold. It's really a good option if you need to be in Asheville a significant amount of time, but don't want the hassle of maintaining a home.