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They broke ground on a 474 unit apartment complex in a large field today. Outside of NY, no city is building more multifamilly homes than Houston.
In all honesty I think the space to create new is an envy. The ability to build large complexes is very difficult in many areas as the space is built out and in the city itself it can be an arduous task with many hurdles to jump through
In all honesty I think the space to create new is an envy. The ability to build large complexes is very difficult in many areas as the space is built out and in the city itself it can be an arduous task with many hurdles to jump through
And there is plenty inside 610. That's why I like to keep up with the development that is going on there.
Location: The Greatest city on Earth: City of Atlanta Proper
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Quote:
Originally Posted by Spade
They broke ground on a 474 unit apartment complex in a large field today. Outside of NY, no city is building more multifamilly homes than Houston.
How many new places are going up like this in Houston? Also, the financing for these sorts of things are creeping back into Atlanta. Two new projects for highrise apartments (the market for new highrise condos is dead here) was just announced with construction to start late this. One is a 316 unit and 22 story building, the other is a 320 unit 23 story. So I wouldn't say that Houston is the only place, but they are probably are one of the few areas that can afford to do a lot of it at the moment.
How many new places are going up like this in Houston? Also, the financing for these sorts of things are creeping back into Atlanta. Two new projects for highrise apartments (the market for new highrise condos is dead here) was just announced with construction to start late this. One is a 316 unit and 22 story building, the other is a 320 unit 23 story. So I wouldn't say that Houston is the only place, but they are probably are one of the few areas that can afford to do a lot of it at the moment.
Agree it does appear money is coming available. there is a complex in KOP outside of Philly which has nearly 3,000 housing units in a mixed use that was on hold and they started building again two months ago. Hopefully this a good sign for many areas of the country but that is not the norm at all in this area. Today most of the development that is taking place for the whole metro is either exurban or in the central part of Philly where there have been a few condos completed and many more warehouse converts. Believe it or not through all of the housing crunch the Center City market was the strongest in the region. The KOP development is an outlier as not much has been happening in the middle burbs here.
Which BTW the parcel of land in KOP where the development is taking place here was an old golf course which was held up in litigation for nearly 20 years. Though I am pretty certain they revised the timeline in more phases than originally planned
Village at Valley Forge (http://www.mypinwheel.com/accounts/pw_05132001/links/index2.html - broken link)
Location: The Greatest city on Earth: City of Atlanta Proper
8,485 posts, read 14,990,056 times
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Quote:
Originally Posted by kidphilly
Agree it does appear money is coming available. there is a complex in KOP outside of Philly which has nearly 3,000 housing units in a mixed use that was on hold and they started building again two months ago. Hopefully this a good sign for many areas of the country but that is not the norm at all in this area. Today most of the development that is taking place for the whole metro is either exurban or in the central part of Philly where there have been a few condos completed and many more warehouse converts. Believe it or not through all of the housing crunch the Center City market was the strongest in the region. The KOP development is an outlier as not much has been happening in the middle burbs here.
Which BTW the parcel of land in KOP where the development is taking place here was an old golf course which was held up in litigation for nearly 20 years. Though I am pretty certain they revised the timeline in more phases than originally planned
Village at Valley Forge (http://www.mypinwheel.com/accounts/pw_05132001/links/index2.html - broken link)
I think a lot of developers in the next 10 years will push more large scale apartment buildings/developments rather than condos due to what happened with the recession. In Atlatnta for example, there were dozens upon dozens of highrise condos that went up durin gthe 00s and most (that were lucky enough to sell units) ended up being places where the owner purchased just to sublet. The developers probably got hip to that and decided to cut the middle man out and lease them as "luxury apartments" instead.
I think a lot of developers in the next 10 years will push more large scale apartment buildings/developments rather than condos due to what happened with the recession. In Atlatnta for example, there were dozens upon dozens of highrise condos that went up durin gthe 00s and most (that were lucky enough to sell units) ended up being places where the owner purchased just to sublet. The developers probably got hip to that and decided to cut the middle man out and lease them as "luxury apartments" instead.
Agree and it appears there will be a larger segment forced to rent so think this area will be stronger than condos.
Two recent building in CC the St James (rental) and Murano (condo) are a tail of two places. the St James as a rental is in high demand while the Murano has struggled to sell out with prices down from pre construction. Oddly the high end condos are doing very well in Center City though not overbuilt but the 1 million plus range has done better than the 500's range as far as condos go here, thought that odd but the two most recently completed Hi-rise condos in Rittenhouse both start above a million and are still in demand. This market is just funky...
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