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Harrison Park Development - News & Updates

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

Viewing 15 posts - 31 through 45 (of 64 total)
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  • #479103

    jbcmh81
    Participant

    bucki12 said:
    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.

    Based on? It seems like the prices at some places are high, but I have to think that is, at least in part, due to more demand than supply, and that prices should stabilize or come down some when current/planned projects are completed. Also, let’s face facts, these are high demand areas. If they think they can get these places rented at those prices, and if there is a segment of the population willing to pay, then more power to them. However, Columbus is very affordable on a national scale. It ranks somewhere in the top 20 of affordable cities nationally, including with housing.

    #479104

    surber17
    Participant

    @peter … wow, its only been 3 years since i rented a one bedroom; I guess I didn’t realize prices went up so much (I paid 900/month for Arena Crossing)

    #479105

    jbcmh81
    Participant

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

    Of course. There is no actual winning.

    #479106

    InnerCore
    Participant

    peter said:
    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/

    But you’ve got to admit that the Vines is a much better location. If you were the property manager at Vines and this building at Harrison West in an inferior location fills up and gets rents the same as your building wouldn’t you push rents higher?

    #479107

    jbcmh81
    Participant

    InnerCore said:
    o

    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.

    You continue to post all this without any context. I ask again, is Columbus the only city of these with rising rents? What about other costs? Are prices rising faster in Columbus than elsewhere, keeping pace, or rising more slowly? Is Columbus actually losing any real competitive position, or is it merely holding steady relative to other places? Nowhere have I seen those questions answered, and without them, simply posting current COL figures means very little, especially when they show the city already has an overall lower COL than the places you regularly promote.

    #479108

    peter
    Participant

    wow, its only been 3 years since i rented a one bedroom; I guess I didn’t realize prices went up so much (I paid 900/month for Arena Crossing)

    Yup! It has increased dramatically in this area. It is startling even to me.

    But you’ve got to admit that the Vines is a much better location. If you were the property manager at Vines and this building at Harrison West in an inferior location fills up and gets rents the same as your building wouldn’t you push rents higher?

    Of course I would.

    But you’re arguing against something I didn’t actually say. I was refuting the claim that the stated rent was 33% higher than prime locations (it isn’t). I don’t deny that the rent sounds high for that particular location. You have a habit of not actually addressing the things people say, instead addressing what you think they might be saying.

    #479109

    InnerCore
    Participant

    peter said:
    But you’re arguing against something I didn’t actually say. I was refuting the claim that the stated rent was 33% higher than prime locations (it isn’t). I don’t deny that the rent sounds high for that particular location. You have a habit of not actually addressing the things people say, instead addressing what you think they might be saying.

    I seemed to missed where my response was actually arguing with yours. I didn’t disagree with anything you said.

    You highlighted that Harrison West rents were in line with better prime locations and didn’t make the distinction. I just highlighted that point. A simple “Yeah, I agree” would have sufficed.

    #479110

    peter
    Participant

    Sorry, I interpreted your “But, you’ve got to admit…” as arguing with what I said, which I guess that wasn’t the case. No worries, sounds like we’re in agreement all around.

    #479111

    More information on Floor Plans and Pricing, here:

    One Bedroom Units

    Two Bedroom Units

    #479112

    Listings have been updated today with interior photos of model units:

    One Bedroom Units

    Two Bedroom Units

    #479113
    Walker Evans
    Walker Evans
    Keymaster

    While this building isn’t the flashiest in town, I’m a fan of how it came together. Modern exterior and quite dense for being buried deep in a neighborhood away from commercial corridors. Would love to see the same thing replicated in other parts of town.

    NEW PHOTOS, HERE: https://www.columbusunderground.com/construction-roundup-april-2013-part-2

    #479114
    Walker Evans
    Walker Evans
    Keymaster

    These are looking all done on the outside. A like how this little narrow street in the heart of the neighborhood is now flanked with 3/4 story buildings on each side.

    MORE PHOTOS: https://www.columbusunderground.com/construction-roundup-june-2013

    #479115

    The floorplans look great. Do you know how fully rented this building is?

    #479116

    heresthecasey
    Participant

    Wagenbrenner is preparing to move forward with the final phase of their Harrison Park development in Harrison West. 24 townhouse units will be constructed on the lot at the corner of 2nd Ave and Harrison Park Pl.

    Plans and an elevation rendering are available in a pdf here, http://harrisonwest.org/wp-content/uploads/2014/01/Harrison%20Park%20Development%2014_0109.pdf

    #1031193

    News
    Participant

    Jul 24, 2014, 2:24pm EDT
    Wagenbrenner sells Harrison Park Apartments to Nebraska investor
    Brian R. Ball
    Staff reporter – Columbus Business First

    Columbus multifamily developer Wagenbrenner Development has sold off a recently minted apartment complex in the Short North’s Harrison West neighborhood to an Omaha, Nebraska-based apartment investor and developer.

    READ MORE: http://www.bizjournals.com/columbus/news/2014/07/24/wagenbrenner-sells-harrison-park-apartments-to.html

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