Rising Rents in Huntsville Apartments leads to renovation of older complex

[RocketDawg]

I know this thread is a year old, but I've always wondered why a developer doesn't convert the old Times Building into condos or apartments, and that's especially true now that a decent size parking garage and limited retail is across the street. I'm sure it's full of asbestos, but that can be fixed, and a lot of people like to live in old buildings.

[David1502]

Originally Posted by RocketDawg

I know this thread is a year old, but I've always wondered why a developer doesn't convert the old Times Building into condos or apartments, and that's especially true now that a decent size parking garage and limited retail is across the street. I'm sure it's full of asbestos, but that can be fixed, and a lot of people like to live in old buildings.

I wondered the same thing until I read the owner say that they had considered converting the building for condos or apartments, but because of building codes, they would have to add another stairwell (for fire safety) and the footprint of the building is too small for that.

The Times building was constructed in 1940 to serve as the home of The Huntsville Times and I don't think they had very restrictive building codes at that time. It's too bad that it can't be converted because it would have great views, it's in a prime location and has classic architecture..

The other older high rise downtown which is underused as public housing for seniors - The Russel Erskine Hotel building on Clinton Avenue. At the time it was placed on the market over 20 years ago, there was little activity, so it was sold to a local developer who had a vision for senior housing. I am curious if the owner will ever look at selling it- There would probably be several offers with buyers looking to convert it to a high end hotels or high end apartments.

[Rick In Madison]

Originally Posted by cansv

I agree with O.P. At the complex I moved to five years ago, I was paying $525 for a nicely furnished 1BR. A little over a year ago, the complex was bought by an LLC from Nashville, made some cosmetic upgrades while doubling the rents. My old apartment now rents for $1100, even though beneath all the cosmetics, the complex is 1970s era, poorly constructed garden apartments. There was a real community there, now that is all gone, as the old tenants were forced to move. There is indeed a glut of new apartment construction, but all this construction is for high-end luxury apartments. The market will never " correct' itself - why should it when there's more profits to be made with high-end than affordable housing? To add insult to injury, many of these investor-vultures are flush with cash thanks to COVID stimulus monies paid out of our taxes.

This one is too easy.

If you are currently making $40/HR at your current job and have the opportunity to make $80/HR to do the same work but may need to take a two week training class that takes away two Saturdays from you (investment).

Would you:

1. Refuse the opportunity to double your income for the sake of providing what is best for others?

2. Invest and double your income?

Be honest.

Don't get me started on COVID stimulus money. A farce if there ever was one. Heck, I argued in the past when it happened the first time especially for those on fixed "government" income. They've already had a life time to make a nest egg for themselves vice a 25 year old waiter who was loosing their job because of the shuttering of business and who I thought deserved it more. Many on this BB argued that it was a "stimulus" and they should be "entitled" to it.

[John Williams]

Originally Posted by cansv

I agree with O.P. At the complex I moved to five years ago, I was paying $525 for a nicely furnished 1BR. A little over a year ago, the complex was bought by an LLC from Nashville, made some cosmetic upgrades while doubling the rents. My old apartment now rents for $1100, even though beneath all the cosmetics, the complex is 1970s era, poorly constructed garden apartments. There was a real community there, now that is all gone, as the old tenants were forced to move. There is indeed a glut of new apartment construction, but all this construction is for high-end luxury apartments. The market will never " correct' itself - why should it when there's more profits to be made with high-end than affordable housing? To add insult to injury, many of these investor-vultures are flush with cash thanks to COVID stimulus monies paid out of our taxes.

If that complex is where I think it is, then the rents being asked are way out of line with the area, let alone the building condition.