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as many as the market will bear and if an investor wants to build, go for it.
I am wondering if the market research is there. Who would rent all these apartments? Since we don't have a huge unfilled professional job market, are most of these supposed to be rented by Boston commuters? Will they be filled by J&W students?
If the research is wrong, then we will end up with empty buildings to add to the ones we already have and I don't think that looks good for the city. There is this new building plus the 3 proposed towers. Were the towers buildings planning on getting J&W students?
Also, the local newspapers have done little reporting that I've seen on what kind of breaks and incentives these developers are being offered besides the tax credits on the one mentioned. Anybody have info?
I am wondering if the market research is there. Who would rent all these apartments? Since we don't have a huge unfilled professional job market, are most of these supposed to be rented by Boston commuters? Will they be filled by J&W students?
If the research is wrong, then we will end up with empty buildings to add to the ones we already have and I don't think that looks good for the city. There is this new building plus the 3 proposed towers. Were the towers buildings planning on getting J&W students?
Also, the local newspapers have done little reporting that I've seen on what kind of breaks and incentives these developers are being offered besides the tax credits on the one mentioned. Anybody have info?
Well, today's Projo has some info about the incentives offered on I-195 land. I would expect anyone considering a project like this has done their homework. If they want to put up a speculative structure and it remains vacant who cares. It is their money, taxes will be paid and the structure is there and ready for move in. And no, it won't be an eyesore because it won't be boarded up. Their are no newly built speculative buildings available in Providence, residential or business. The last building boom in Providence included a state built hotel run by the Westin, now the Omni. Too much has happened negatively for the state to do that again, but it was a success. This new developer is now taking a chance on Providence and you want to restrict him? We need more speculation like this and maybe other developers will come. A new commercial high rise could also entice businesses to the city. The state and city move too slowly when it comes to projects like this. The bureaucracy is incredible and adds months, if not years, to building projects like this. All of the parcels in The Capital Center have not been built on as it was proposed 30 years ago. Do we need 30 years of vacant I-195 land?
Last edited by mr2448; 12-09-2016 at 08:42 AM..
Reason: adding info
I am wondering if the market research is there. Who would rent all these apartments? Since we don't have a huge unfilled professional job market, are most of these supposed to be rented by Boston commuters? Will they be filled by J&W students?
These are absolutely for Boston commuters. The name says it all: The Commons at Providence Station. It's transit-oriented development. Live here, pay a lot less than you would in Boston, hop the train and be at work in a little more than an hour.
In my opinion, you have a perfect storm which prevents more housing for middle class residents from being built. Investors (banks, developers, etc.) see luxury, high-end housing as a safer bet. Meanwhile, there is a lack of housing supply in Providence, the kind that used to be produced in the form of triple-deckers and bungelows/four squares. In addition, buyers have become convinced that unless the dimensions of their house or apartment are above a certain square footage, has a certain amount of front, side and back yardage, and has covered/attached parking, they're not interested. That's well and good, but it's not realistic in a city such as Providence. Add to that the suburban style zoning ordinances in Providence, and it leads to a small supply of housing with higher prices.
I am wondering if the market research is there. Who would rent all these apartments? Since we don't have a huge unfilled professional job market, are most of these supposed to be rented by Boston commuters? Will they be filled by J&W students?
This building is only going to be six stories high. Canal Street is the perfect location. Yes, these apartments will rent for that much. They will be brand new, unlike these old, 100+ year old, big drafty apartments on the east side which rent for similar amounts. That tax credit isn't that big a deal.
Actually Holly, you had my hopes up, I thought you heard they were going to build those big towers on the new land that had been opened up. I want to see a 50 story building grace Providence. I would love to see those towers update, and "upgrade" the Providence skyline with a fresh modern look. Bring on the Manhattanization of Providence.
This building is only going to be six stories high. Canal Street is the perfect location. Yes, these apartments will rent for that much. They will be brand new, unlike these old, 100+ year old, big drafty apartments on the east side which rent for similar amounts. That tax credit isn't that big a deal.
Actually Holly, you had my hopes up, I thought you heard they were going to build those big towers on the new land that had been opened up. I want to see a 50 story building grace Providence. I would love to see those towers update, and "upgrade" the Providence skyline with a fresh modern look. Bring on the Manhattanization of Providence.
The shorter building may be filled- I doubt the towers would be. Why would it be convenient for someone to walk from the location of the new towers to the train station and then commute to Boston? The location of the condos along the Riverwalk would be much more convenient.
I'm sure you're joking about the rest so I won't comment.
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Quote:
Originally Posted by boulevardofdef
These are absolutely for Boston commuters. The name says it all: The Commons at Providence Station. It's transit-oriented development. Live here, pay a lot less than you would in Boston, hop the train and be at work in a little more than an hour.
This is exactly right. It's for those who want the many amenities of the City without the Boston price, for those who want access to restaurants and culture that Providence provides. It is a good alternative to the burbs.
Quote:
Originally Posted by HopeStreet
In my opinion, you have a perfect storm which prevents more housing for middle class residents from being built. Investors (banks, developers, etc.) see luxury, high-end housing as a safer bet. Meanwhile, there is a lack of housing supply in Providence, the kind that used to be produced in the form of triple-deckers and bungelows/four squares. In addition, buyers have become convinced that unless the dimensions of their house or apartment are above a certain square footage, has a certain amount of front, side and back yardage, and has covered/attached parking, they're not interested. That's well and good, but it's not realistic in a city such as Providence. Add to that the suburban style zoning ordinances in Providence, and it leads to a small supply of housing with higher prices.
This is an interesting take. But there is a lot about what you say that I see differently.
I don't see a lack of housing supply in Providence, unless you are talking about a lack of new housing supply; it's an ancient city and pretty well built up by now. There is room to put in developments such as the Commons at Providence Station, but you're not going to see tracts of four square/bungalows or triple-deckers (!) anytime soon.
I do see a lack of housing supply on the East Side of Providence, which explains the prices there. But those who are not sheepishly constrained by the out-dated maxim to restrict their search to the East Side have plenty of choices, and at very reasonable prices. There are limited options downtown as well, but there are lots of other neighborhoods in the city. The one major caveat is that it often means spending some money doing some rehab.
I also think that many younger buyers actually don't care at all about having a big place with covered/attached parking. They want a place that has a small carbon footprint. That means energy efficient, close-in, bikeable/walkable, near transit. People continue to buy beautiful old places in other parts of the city at low prices, upgrading the systems for energy efficiency as necessary. I've been seeing this not just on the west side but also in Elmwood and Washington Park.
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