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Harrison Park Development - News & Updates

Home Forums General Columbus Discussion Development Harrison Park Development – News & Updates

Viewing 15 posts - 16 through 30 (of 64 total)
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  • #479088
    Steve
    Steve
    Participant

    Both the one bedroom and two bedroom are listed under the same price.

    I think it’s an error.

    #479089
    Walker Evans
    Walker Evans
    Keymaster

    stephentszuter said:
    Both the one bedroom and two bedroom are listed under the same price.

    No they’re not.

    #479090

    bucki12
    Member

    surber17 said:
    one bedroom for almost 1200/month? would that make this the most expensive apartment complex in the city?

    Harrison Park Apartments – 1 Bedroom Unit $1,165

    Harrison Park Apartments – 2 Bedroom Unit $1,650

    I think for that $$ I would much rather live in the Wood’s building over Northstar.

    It makes me wonder what Wagco will want for apartments in the Hubbard which is in a much more prime location than buttery Harrison Park.

    #479091

    peter
    Participant

    Rents On the Rise in Growing City – Film at 11:00!

    :)

    #479092

    InnerCore
    Participant

    The Wood Co had 1 bedrooms starting at $1200 going up to $1600. The 2 bedrooms were $2100 – $2350. You’re talking about an average of about $400 – $500 more per month. These buildings aren’t in the same price range.

    I would expect the Hubbard to come in closer to the Wood Co building. This continues to highlight the point I’ve been trying to make about affordability. The development that is happening in actual urban walkable areas is going to demand a high premium because there is only a small amount of it being built.

    So while there still overall is affordability from a city viewpoint, that is misleading when you see the urban areas going up 10% and suburban areas flat. Here we have Harrison West which isn’t really a prime location (15+ min walk to High st.) commanding high rents.

    #479093

    bucki12
    Member

    It looks like Columbus might be losing some of the affordability that retains and attracts YP’s. I am hoping my WP landlord is not reading this thread.

    #479094
    Walker Evans
    Walker Evans
    Keymaster

    bucki12 said:
    It makes me wonder what Wagco will want for apartments in the Hubbard which is in a much more prime location than buttery Harrison Park.

    Don’t you mean margarine-y? ;)

    #479095
    Walker Evans
    Walker Evans
    Keymaster

    bucki12 said:
    It looks like Columbus might be losing some of the affordability that retains and attracts YP’s.

    This isn’t just Columbus. Rents are rising all across the country:

    http://www.usatoday.com/story/money/business/2012/11/26/apartment-rents-rise/1727279/

    If anything, YPs should be looking at buying cheap homes if they want affordability. ;)

    #479096

    bucki12
    Member

    Walker said:
    Don’t you mean margarine-y? ;)

    lol…

    Walker said:

    If anything, YPs should be looking at buying cheap homes if they want affordability. ;)

    LIke a lot of my friends, I really don’t want to be tied to mortgage. I have had several job scares and mobility appeals to me. I guess everyone has their own story. If rent gets too expensive I will sadly end up at some salt box complex off of Kenny and Henderson :(

    #479097

    InnerCore
    Participant

    peter said:
    Rents On the Rise in Growing City – Film at 11:00!

    :)

    That’s really not the greatest thing when income growth isn’t keeping up with rent growth. It’s good for these select few neighborhoods, but not overall for the city.

    #479098
    Walker Evans
    Walker Evans
    Keymaster

    InnerCore said:
    That’s really not the greatest thing…

    If rents were dropping, I’m sure you’d tell us it’s a bad thing too. ;)

    #479099

    surber17
    Participant

    peter said:
    Rents On the Rise in Growing City – Film at 11:00!

    :)

    They are asking for a 33% raise over a normal luxury one bedroom in other prime locations. That seems like more than a normal rise in price. What amenities do you get with this? If you get a dedicated covered parking spot and a gym membership, I’d say it would be closer to market price. BTW Is anyone on here paying more for a one bedroom?

    #479100

    InnerCore
    Participant

    o

    Walker said:
    This isn’t just Columbus. Rents are rising all across the country:

    http://www.usatoday.com/story/money/business/2012/11/26/apartment-rents-rise/1727279/

    If anything, YPs should be looking at buying cheap homes if they want affordability. ;)

    I agree that nationally people are renting more and moving back to urban areas creating a situation where rents are rising. This keeps me in business because we buy/develop in apartments at my day job.

    But not all cities are going to bear the burden of these changes equally. First you have income growth and job growth:

    http://www.multifamilyexecutive.com/apartment-trends/2013-job-growth-and-rental-revenue-projections.aspx

    Last year, the West was the best. The only cities to break the 3 percent increase mark were San Francisco and San Jose, Calif., as well as Austin, Fort Worth and Houston, Texas. The lone surprise on the East Coast was Charlotte, which ended 2012 with a 3.1 percent increase in annual relative job growth from the previous year.

    Then the next issue you have is new development. New development acts as sort of a check and balance on existing assets. I’ll give you an example. We are looking at purchasing a property in Austin for about $105k per unit. But you can develop in the area pretty cheap at around $110k per unit. And we know there is a lot of new development in the pipeline. So the new product is essentially acting as a ceiling to what we can do. We cant raise rents as much as we like because then you’d have to compete against brand new and nicer product. And the new developments cant price much higher because they have plenty of new product to compete with. Again it goes back to supply and demand. The demand is high nationally, but the supply is only up the core markets.

    Here are number to highlight my point;

    Columbus
    21,928 Total Yearly Population Change
    1,100 Projected Completions in 2013
    5% Completions as Percentage of Population Change

    Charlotte
    37,434 Total Yearly Population Change
    3,500 Projected Completions in 2013
    9.4% Completions as Percentage of Population Change

    Austin
    67,230 Total Yearly Population Change
    9,000 Projected Completions in 2013
    13.4% Completions as Percentage of Population Change

    Indianapolis
    22,327 Total Yearly Population Change
    1,600 Projected Completions in 2013
    7.2% Completions as Percentage of Population Change

    Even Indianapolis is doing a better job at keeping pace.

    Here is a current development map for Austin:

    It’s probably a little hard to see but the yellow dots are projects currently under construction. There are 62 of them. With another 7 project approved (green). The blue projects are have been submitted and the purple projects are ones that are just proposed with nothing formal submitted yet.

    So you can see they are not just building downtown but all over the city. And many of their more suburban developments are just as dense if not more dense and walkable then what we are building downtown. So while they’re building many urban walkable neighborhoods in both urban and suburban areas some of which are also affordable, we are building only a select few projects only in urban areas that only a select few are going to be able to afford.

    So our more affordable new projects are ones like 600 Goodale that really aren’t walkable. And I’m glad they’re building 600 Goodale, there needs to be a lot more development in these areas. I just wish they layed it out differently and maybe added a couple of small retail spaces.

    Here is a breakdown of a cost of living index for these areas:

    Columbus
    91.2 Overall
    92.8 Grocery
    77.1 Housing
    101.5 Utilities
    101.6 Transportation
    100.5 Health Care
    95.5 Misc. Goods and Services

    Austin
    93.3 Overall
    88.7 Grocery
    84.4 Housing
    97.2 Utilities
    101.2 Transportation
    106.4 Health Care
    97.7 Misc. Goods and Services

    Charlotte
    92.6 Overall
    103 Grocery
    81 Housing
    90.5 Utilities
    97.3 Transportation
    100.2 Health Care
    96.8 Misc. Goods and Services

    As you can see they are all pretty close in terms of the overall index. The biggest difference is the advantage Columbus has in housing. Housing is also one of the largest components of the index. Any movement in the spread on housing and Columbus quickly becomes more expensive.

    So in these other markets because of the demand, availability of financing, national investor/developers, etc. you’ll probably get overbuilding at some point. And a few investors/developers will probably get burned. But it works out in the benefit of the city because the result is more affordable housing. Now compare that to here where no one is willing to take the risk and build residential anywhere other than the best locations that will attract the highest rents.

    #479101

    InnerCore
    Participant

    bucki12 said:
    lol…

    LIke a lot of my friends, I really don’t want to be tied to mortgage. I have had several job scares and mobility appeals to me. I guess everyone has their own story. If rent gets too expensive I will sadly end up at some salt box complex off of Kenny and Henderson :(

    The problem is a lot of people have you’re story. So without more walkable developments, as rents rise you are going to be forced to live somewhere you don’t want to in a lifestyle you don’t want. Being forced to live near Kenny and Henderson because of affordability isn’t the problem. It’s the fact that these areas aren’t walkable.

    If you took all the retail that is in that area. The Kroger, Fresh Market, Donatos, Walgreeens, Zettler, Kahoots, the bar behind Kroger, etc. and laid all that out in an urban walkable layout with apartments near Henderson and flowing back to single family homes then you would have a very nice place to live that is in line with how people want to live today.

    #479102

    peter
    Participant

    They are asking for a 33% raise over a normal luxury one bedroom in other prime locations.

    No, that’s dead-on for downtown, arena district, and premium SN apartments. For example: http://www.flatsonvine.com/columbus/flats-on-vine-apartments/

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