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Last time the Towers dorms were renovated was about 20 years ago. When I lived there in '93-'94, Lyon Tower was closed down completely for renovations. When it reopened, they moved people over from Stalnaker Hall and then began that renovation, if I'm not mistaken.
When I lived there in 2001, they still had bottle openers integrated into the door frames.. you know.. for coca-cola. At that time, there were still smoking and non-smoking floors, and the place looked like an ode to the 70s.
What do you guys think? Is this a fluff piece perpetuated from the town's butt-hurt slumlords...or is it what any sane eye could see from a mile away? Why can't we shake this over-building, no-planning mindset??
Here's hoping this drives down prices and brings students closer to campus opening up other housing for non-students. That would help everyone trying to find a lease in this town.
It was evident things were heading this way a few years back when you saw construction just stop on apartment complexes without being finished (near the Mileground) and some go bankrupt and be sold off at a fraction of their value/cost (see the Augusta and the one sold to the Bartlett House). These things happened but yet people kept building, and building. It was likely overbuilt from a private standpoint and then WVU got into the game as well. Some of these were built so quickly, it'll be interesting to see how they stand up over time.
It's not the buildings or how many of them that are being built/have been built...it's the marketing and intended demographics of these buildings. It's been said before, but some of these need to be opened-up to the general public and focused on young professionals and recent college grads. Honestly, I would have bought into a downtown condo instead of my house if there was actually something available. I still want to see these buildings made, but yeah...probably going to have a bit too many options out there after all is said and done.
It was evident things were heading this way a few years back when you saw construction just stop on apartment complexes without being finished (near the Mileground) and some go bankrupt and be sold off at a fraction of their value/cost (see the Augusta and the one sold to the Bartlett House). These things happened but yet people kept building, and building. It was likely overbuilt from a private standpoint and then WVU got into the game as well. Some of these were built so quickly, it'll be interesting to see how they stand up over time.
There is serious private investment being made in Morgantown. The city is, for a number of reasons, expected to maintain a constant growth rate of between 1% and 2% per year going forward, and is located in relative proximity to largely populated areas which partly explains that situation.
What that means is that if a project is underfunded (like Augusta) or poorly planned (like the one near Mileground), or located in a relatively remote area (like the one sold to Bartlett House), it will be at a competitive disadvantage and not stand up to competition except with discounted rents. Sometimes those discounted rents won't carry the original debt load, and restructuring through bankruptcy or resale takes place. Not every investor exercises due diligence in the planning phase, and such situations result.
We are seeing a gradual restructuring take place in our city in terms of residential properties. Students are gradually becoming concentrated more centrally toward the campuses with massive projects. Just because some of them are built fairly quickly does not necessarily indicate poor quality. The people planning these projects have planned and built them at major national, doctoral level universities all over the country and have great expertise in doing so. In some cases modular techniques can be employed that save on construction time but do not diminish overall quality. There are cities in our state where just about anything could be thrown up to meet demand and it would work. The comparatively recent (within the past 15 years) developments here have increased competition and resulted in the need for competitors to add an increasing array of amenities to their projects to stay ahead of others.
This article is sensationalized, and presented in a media that seems eager to project negatives about our area, but it is based on half truths and omissions. First of all, it understated the number of vacancies in one major project (that currently has only 2 vacant apartments), and it overlooked the need for adjustment periods to bring such projects online. We have 25,000 out of area students who live here most of the year, and most of them sign leases over a 4 year period because they can get lower rent by doing so. These people are not free to uproot and ignore existing commitments. Newer students coming here will not be similarly encumbered. These units, which feature an amazing number of amenities, will fill up easily over the next couple of years, and new ones will be constructed on the VFW site at Willey Street as well as on University Ave. that will house even more students next to the Downtown Campus.
There is an old guard, slum lord contingent allied with a major developer who has most of his developments outside city limits, who fight every development in order to limit competition. The slum lords have long fleeced our students with low quality housing at high prices, and they are increasingly not able to rent out their crap properties due to the newer projects. Over time, these landlords will have 2 choices as their properties stand empty. They can redevelop the better ones into single family homes to meet the growing need for single family housing here, or then can tear them down and construct something better and useful in their places. Property values in this city would indicate that they won't be left standing empty for an extended period of time. Neighborhoods will shift from student centered to family centered and the restructuring will continue. It is already taking place.
At some point, we will have mostly students in Sunnyside, Evansdale, Willey Street, University Ave to the Wharf District, and the Medical Campus. There will also be components of students at University Town Centre and on Van Voorhis. The rest of the city will have regular residential housing, and that includes South Park which is now shared with students. The Downtown area will be shared by everyone. In the long run, everyone benefits.
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