Real estate is often a bit quiet during the winter. That is the case now as listings are generally in short supply and some buyers are waiting for a sunny day to get ‘motivated’ to look again. The market has been rather resilient considering the state of the economy and COVID-19. I believe we will be OK so long as the local and state governments start moving quickly towards a return to business for retail and other sectors.
Several urban condos either closed or went pending with no new urban condo listings over the last week. That tightens the market a bit. Meanwhile, I would imagine we will start to see activity in pre-sales for the new Kirkland Tower that is now projected for the late Q1 or early Q2 opening.
Based on the level of activity on the Kirkland site and the shear size and scope of this large project, I would think Q2 is the more likely scenario for completion.
In other urban living news, there has been little news about the many larger projects proposed over the last 18 months. News on the 12 story ‘Springs Living’ project proposed for Block 18, has been nil since last spring. That is a full service senior living and assisted living facility. That industry has been severely impacted by COVID-19, so the project is likely and understandably on the ‘back burner.’
The Timberhouse project proposed for Block 3 was revised and is now actively moving through the permitting process. It will likely break ground shortly after or just before the completion of Block 4 projects (Indigo Hotel, Kirkland Tower). Block 3 is still serving as a staging area for the final construction of Block 4. The Broadstone project on Block 17 is also making its way through the permitting process probably about the same place in line as Timberhouse (AKA The Third). Aegis phase one, the two building apartment project on C street next to the historic Academy should have cleared all hurdles by now, but still shows little site prep activity. Not sure what’s up with that one. Developer, Marathon is reporting the project as “coming soon,” upgraded from “in planning.” Several smaller urban apartment projects recently saw city approval and permits issued. These are mostly 3-4 story projects with fewer than 100 units but collectively represent about 300 new units in the core Downtown/Uptown area now under construction. As it is there are roughly 1000 residential units Downtown and Uptown under construction with another 700 or so that are nearing final clearance to build.
Things should be rather lively in the city core over the next few years and these new residents will usher in more new businesses to serve them.