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The Lease They Can Do
by Brooke Williams
January 18, 2007
You’d think the Downtown housing boom would leave little to complain about. So why does it seem like your friends are always complaining about the lack of Downtown housing?
It may be because the first phase of revitalization has largely centered around condos and lofts. It’s a market that may interest many twenty- and thirtysomething renters, but one to which they’re not yet ready to commit.
According to the Downtown Development Resource Center’s list of Downtown housing completed since 2002, only three rental units opened in the last five years that contain more than a dozen apartments: Arena Crossing (252 units), Commons at Grant (100 units) and Sixty Spring Apartments (68 units). Commons at Grant, however, is subsidized housing reserved for those with incomes of less than $24,000 annually.
Both Arena Crossing and Sixty Spring are currently full with waiting lists, according to their rental representatives. Even Brewer’s Yard, a 303-unit apartment complex in the neighboring Brewery District, is at 98 percent occupancy.
Comments
- Rmoiii: Where are the photo's of the current construction going on in the short nor
- cheap: i highly recommend the Millersport sweet corn festival of course,the cor
- Jimmy Mak: Thanks for the write-up! Just to clarify - this is the third year we've do
- Briana Henry: Well, eventually they plan to add more bands from the region...gotta start
- bucki12: I like the business model, but the internet sales part seems like something
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The Lease They Can Do – Apartment Shortage Downtown
By: Walker
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Heh. A lot of the apartment shortage was caused by rental units “going condo” over the past five years, when interest rates were ridiculously low and sale prices thus shot up. It’s hard to go back to rental wholesale once you go condo, but that doesn’t mean that some condo complexes won’t revise their owner-occupancy rules to allow owners to rent out their units. Likewise, some new complexes in the pipeline, prior to opening, might choose to go rental (or set a portion of their units aside for rental), if the prices for selling are still looking weak and the demand for rental units continues to push prices higher.
The story could’ve at least mentioned Liberty Place. Phase I looks like it’s ready to live in and is 132 units. Once the 70/71 split gets finalized, Phase II could add 178 more units.
It did mention it. Towards the bottom:
:oops: