First Light is out of the ground

First Light, the 459-unit condo building going up at 3rd in Virginia by Westbank has now poured four of its 48 stories. On those first floors, the builder is installing mechanical, plumbing, fire, sprinkler, and electrical with the window walls getting installed very soon.

First Light has also started having early buyers close on their parking spots. Wait, what? Closing on parking spots while the homes won’t be ready for another year or two? Correct. First Light, is the first building that we’re aware of that has done something like this. Usually, you close on your home and parking simultaneously, but not at First Light. The benefit to the developer is that they get their hands on the parking lot funds (~$90-100k a spot) sooner rather than later. The downside to the buyer is that if you don’t follow through with closing on your home, what will be come of the parking spot?