Good Activity for Mid-Winter

Across the full pricing spectrum several urban condo units went pending or closed last week. The dead of winter tends to be a little light on activity but not this year. From a modest studio condo with a mere 345 sf at Parkview priced at just $164,900 to a $2.5 million condo with 4290 sf closing at Tidewater. People are still interested in living  the urban lifestyle in Vancouver USA.

On the urban projects there seems to be little change this month on the official status of several large projects that are nearing the end of the permitting process. The city pushed through several smaller projects at the end of 202o and early 2021 but the final push on three large projects seems to be lagging a bit. Maybe COVID, maybe the fact that the council is down a meeting what with President’s Day a municipal holiday, we shall see. There are some unofficial activities that can offer a hint into the near future however of at least two projects. The three large projects I am referring to are all apartment buildings with 141, 177, and 227 units. These are Aegis at the Academy, Broadstone on block 17, The Waterfront, and ‘The Third’ formerly Timberhouse on block 3, The Waterfront. Broadstone has been eerily quiet since it was last present to the CCRA with seemingly favorable results. But I have seen unofficial signs of life on the other two.

The Third an 8 story 227 unit apartment tower that will occupy the entire block 3 at the waterfront is likely very close to breaking ground. Summit Development Group in Lake Oswego bought the block nearly two years ago and had originally planned a 12 story 254 unit CLT high-rise. CLT (cross laminated timber) has been an exciting new building method that is greener and sustainable, but also seen a few setbacks recently in both Portland and Vancouver. That may have been part of the delay and the shorter tower looks to be a more ‘traditional’ 5 wood frame over 3 concrete/steel base design.

There are signs this thing is coming sooner rather than later. I reached out to the project lead on this and will report any useful information I find. But the entire block has spent the last two years as a staging ground for the massive combination project on Block 4 nearing completion but still a few months out. But Block 3 is completely empty now. Nary a bit of staging remains as all of Kirkland’s contractors have consolidated their staging to Block 2 and possibly sharing some space with the AC Marriott staging on Block C of Terminal One. A freshly cleared block, hmm could be a sign the ground breaking is near. Or maybe Kirkland’s staging lease was up, who knows? I do know that Block 3 is an ideal staging location for the Kirkland project.

What about phase one of Aegis? This project whizzed through the CCRA several months ago and was essentially green lit by the Council, yet no signs of construction or groundbreaking. I have seen some significant in street underground utility activity in the last few weeks around the corner of 12th and C street. This could be regular maintenance but I was getting a more preparatory vibe from it. The project did get some local pushback, due primarily to the scale of the project relative to the scale of the historic Academy building it will stand aside. I like this project I think it does a nice compliment to the Academy and it is providing much needed revenue for the historic trust to spend on maintenance of this great building. The current use of the site is a dilapidated parking area, so I welcome a modern project to fill the space. I reached out to Marathon recently for comment, I’ll report back anything I hear.

Will 2021 Mirror 2020?

Condo inventory tightened a bit over the past week. High end units at Tidewater including one at $3 million closed. Are these people waiting on Kirkland Tower? We shall certainly see in the next few months when that project is complete.

2020 by most accounts was a year many would like to forget. But the COVID 19 pandemic is not a forgettable event. This virus has managed to kill more than 400,000 Americans making it one of the worst we have seen in our nations 240 plus years. But the overreach of the government in containing this epidemic cannot be overlooked either. It seems the new administration in Washington DC is no better than the last one regarding scientific data. They seem to be ignoring the medical science and dictating national policy counter to the prevailing facts and more in accordance with the special interest groups that gave them power.

I do hope that our governor will stand up to an increasingly aggressive federal government regarding what is best for Washington State. This is not a political blog nor am I condemning one political party over the other. In fact I believe that neither the previous President, nor our current President has followed the medical facts about this virus. It’s all political and it is not helping Washingtonians of any political affiliation.

Governor Inslee may not be President, but he is in charge of Washington State and he does not have to “Bow before Zod” to the President. Superman II reference fully intended 😉 Governor Inslee can choose to do what is best for Washington State. Another year of lockdowns is not in anyone’s interest and whether one voted for the Governor or not last November, he was a least smart enough not to order COVID patients into nursing homes leading to the unnecessary deaths of thousands like another governor did last year. The Governor should weigh carefully our options for dealing with COVID 19 in 2021 based on science not politics. That is sometimes hard for politicians to do, but Inslee has a brand new four year term. Let’s hope he follows the science and not the will of special interests. Inslee is a vastly better Governor than either Governor Brown in Oregon or Governor Newsom in California. To Governor Inslee I write this: you are a better Governor than either of the other two West Coast State Executives, so stop following the fools to the south and take the lead, you have the chops to get it right, just do it.

I bring this up because I do not think our state can swallow another lockdown year like 2020. I do not think the people want it, nor do I think the economy can take it. So much good stuff was happening on the approach to 2020 and I think that momentum is still there, but if 2021 mirrors 2020, all of it will die.

Although this site is dedicated to the events unfolding in Vancouver’s urban core, the pandemic has had far reaching implications to everyone the country, not just the success of the waterfront and Downtown, but the very lives of every one. I have disagreed with the Governor on some of his COVID 19 policy, but I also realize that there is tremendous pressure on the office of the Governor to get things right. The  constant misdirection coming from the CDC with their 180 degree turns on recommendations, certainly has not made his job easy nor the jobs of our local health officials. Let’s not forget that these officials are literally making policy decisions that could either save thousands of lives or lead to thousands of deaths. I do not reccomend or endorse vilifying these people because you disagree with their decisions, this is difficult policy to enact. But I do believe it is possible to open 75% and still offer maximum protection to those most at risk by following the medical science. There is significant scientific evidence to support this notion and practical proof in several foreign countries as well as some states here in the US.

Your voice should be heard and you should send an email to your elected officials at the state level. Every Washingtonian has two state legislators and one state senator and they are far more accessible than your federal elected representative. The states have the power in this pandemic, not the feds. We the people of Washington need to communicate to our elected reps, so they know where you stand. We have some excellent state reps in both political parties here in Clark County reach out to them and be firm but polite and professional, they will listen.

Our local elected State Legislators:

District 17: East Vancouver (east of I-205), Brush Prairie, Mount Vista

  • Senator Lynda Wilson: lynda.wilson@leg.wa.gov
  • Rep Vicki Kraft: vicki.kraft@leg.wa.gov
  • Rep Paul Harris: paul.harris@leg.wa.gov

District 18: Felida, Salmon Creek (W of I-5), most of non-Vancouver Clark County

  • Senator Ann Rivers : ann.rivers@leg.wa.gov
  • Rep Brandon Vick: brandon.vick@leg.wa.gov
  • Rep Larry Hoff: larry.hoff@leg.wa.gov

District 49: Downtown, Port of Vancouver, Hazel Dell, Heights, West of I-205

  • Senator Annette Cleveland: annette.cleveland@leg.wa.gov
  • Rep Sharon Wylie: sharon.wylie@leg.wa.gov
  • Rep Monica Stonier: monica.stonier@leg.wa.gov

Northwynd: Exodus or Coincidence?

Three fresh new listings appeared this past week at the Northwynd Condominium complex. These townhouse style condos have seen a fair bit of activity the last several months, but three new listings in a market that has been dry of sellers for a bit is interesting? Is something up, or is this simply a coincidence?

Well probably a bit of both. A couple of the recent listings are units that back to the formerly vacant lot and may have had at least a peek-a-boo view of the river or at least some open space. The residential townhome project I wrote about last year has broken ground and soon any views these units had will be gone. Perhaps the owners just felt the time was right to move.

Property values are sky-high right now and an uncertain future could mean sellers are on the clock. Listings are scarce in the marketplace so now is a great time to sell. Later in the spring when the traditional rush to list comes could be at a time where the market is adjusting and the future of the economy is not real clear. I still believe that external factors are keeping pressure on the local market. But a major economic downturn can throw all of that out the window. Let’s hope the governments entities strapping the economy loosen up here in the new year and in light of the vaccines rolling out back off the squeeze on local business.

All told things remain rather good for sellers and buyers can find opportunities in the urban condo market a little better than other local sectors.

In urban construction news:

Hough: I see quite a bit of activity starting this new year off. In the mid-town area two of three recently reviewed projects are green lit with permits and construction is underway.

  • These are all smallish projects with the largest being Ginn’s WXV apartments fronting W. 15th Street just north of the 15 West Apartment project. This 4 story project will feature 60 units. Ginn has the ground prep done and has begun placing foundation forms.
  • The Johnson Mixed Use project at W.16th and Columbia is a small live-work project with 2000 SF of commercial and 10 apartment units.

Arnada: There is significant activity on the west side of Uptown as well.

  • The VVW 10 project is nearly complete with finishing touches to the landscaping and interiors. This project features 96 units including 22 live-work units in two 4 story buildings.
  • Right next door to VVW 10 is the VHA two building project with 4-5 floors, 83 units including 11 live-work. That broke ground late last year and crews are wrapping up ground work.

Downtown:

  • The tower crane is down at the site of Mill Plain II. Crews will still be working for several months to complete the project, a six story mixed use building.
  • Block Ten is a large but not particularly tall project on the long beleaguered block. This project will utilize the full block with a multi-level parking structure and wrapped retail-commercial space on Washington, West 8th, and Columbia. Facing Columbia Street and sitting atop the podium will be 5 floors of residential apartments totaling 110 units. On the opposite side facing Washington Street will be a 4 story office building atop the multi-level podium. 78,850 SF of leasable space in the office tower.
  • On Jefferson Street right on the curved section connecting to West 8th is Jefferson Street Apartments. This will provide 68 units of restricted income apartments. Ground work is well underway after a change from two 3 over 1 buildings was changed to one 4 story building with ground parking.
  • The 128 unit Aria project just west of Esther Short park features a multi-level parking structure with 5 levels of apartments up top and street facing townhouses on West 6th. The 7 story project is just wrapping up and should be leasing soon.
  • The 118 unit 7 story, Vancouver Center 4 tower now named “Coen” is open and leasing. This is 5 floors of apartments over 1.5 floor retail/restaurant podium.
  • The fully green-lit Hyatt Place hotel set to occupy half of the city block bounded by Columbia, Washington, and West 5th seems stalled. Possibly a funding issue, but I do not know for sure. Hotels are not exactly the hot ticket in our pandemic environment. I liked that proposal with the rooftop bar 🙂 Hurley Development proposed a very large apartment project with 6 floors and 188 units on what appeared to be the full city block in the same spot. I’ll have to keep you posted on this one.

Waterfront: Buzz, buzz, buzz…

  • Plenty of activity, starting with the rebuild of the landing. Two large mobile cranes are handling the dismantle project that will lead to an all new public space in the next 18-24 months.
  • Right behind the landing is the AC Marriott hotel project now rising well above street level. This 7 floor hotel will have structured parking and walk out to the new landing.
  • Kirkland Tower on Block 4 is in the final phases of exterior work and interior work is likely well underway also. This 12 story project will feature a lobby, underground parking, floors 2-11 will have 40 luxury condo units, and 12 will be a community penthouse and rooftop patio.
  • Immediately adjacent to Kirkland is the Indigo Hotel which was ahead of Kirkland in the construction cycle but seems to be at about the same point now. This 8 story open atrium hotel should be quite nice and sitting right on the river the views will be fabulous. El Gaucho is planning a restaurant in the hotel and will operate the 8th floor sky lounge.
  • Although construction on the former Timberhouse project, now dubbed “The Third” hasn’t started yet, Kirkland has completely cleared all the staging trailers and equipment from Block 3. The city hasn’t made public the green light for permits, but it is likely eminent as the lot is bare and waiting.This is a large 8 story three wing building 5 over 3 with structured parking and 227 units down from the original 12 story CLT structure with 250 units.
  • Broadstone, a 7 story 177 unit apartment project slated for Block 17 is in about the same spot in line with the city permitting process and that block is also clear and waiting.
  • The Columbia on Block 20 is fully topped out. I’d imaging the large tower crane supporting the project will remain for several months as this 248 unit 7 story project covers a large area and mobile cranes would be nigh impossible to complete the project.
  • What I find very interesting is the large Gramor sales sign on Block 21 is marked as “In Contract.” I have not heard any specific proposals for the block. This block is furthest from the airport and thus has the tallest height allowance under FAA. Technically the city guidelines for the master plan are minimum 6 story buildings and a height limit of 250 feet. The FAA will likely shrink that down to about 185 feet. That would allow for a 20 story residential building with modest 9 foot floor heights. I will sniff around on this to see what’s happening on Block 21.

 

Typical Winter Quiet

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.

Busy Buzz, Downtown

Urban condos had a bit of a surge in new listings with listings outpacing pending sales and closed sales. The trend over the last 12 months has been tightening, so last week ran counter. Inventory remains tight but not as tight as the single family house market in the 125% or median and under.

There was a couple of pending sales last week at the exclusive Tidewater with units well into 7 figures. Are these people looking to snatch one of the new Kirkland units this spring? I anxiously await the opening of that project.

Meanwhile Parkview continues to see good healthy activity with new listings, new sales, and closings. The building is not seeing a massive increase in pricing but rather a more healthy uptick. Parkview and the Academy represent a great entry level value proposition for Downtown living.

In general it seems like Frontier Block (500 Broadway), Heritage Place, and Parkview are competitive enough that buyers have a shot at these downtown units despite the market trends to the contrary. At Columbia Shores the same can be said for Northwynd which offers a very short stroll tot he river and both Beaches and Mcmenamins. These are great first looks for those shopping for a ‘deal’.

The COVID 19 effects on urban condos have likely been a tad more negative than typical suburban properties. With restaurants, bars, and breweries limited by restrictions, the appeal of the walkable downtown and the urban vibe is reduced. But honestly, this is not likely permanent, and this pandemic will pass. Opportunities for a value are tough to find in our local hyper-market but there are some to be found Downtown and at Columbia Shores.

Sales Brisk to end 2020, 2021 Looks Solid

Clark County saw a strong finish to 2020 in overall home sales. This translated to the urban core with a little less intensity but robust none-the-less. 2021 seems to be off to a good start with a mix of new listings, recent pending sales, and a few closings on urban condo units.

Kirkland Tower on the waterfront will likely open at the end of Q1 or possibly early in Q2. This will bring 40 luxury condo units to market in prices that ought be competing in the Tidewater / Viewpoint price range. This will be a test of sorts for the viability of high-rise condos on the waterfront. The Kirkland Tower will feature units on floors 2-11 with a community penthouse and patio on the 12th floor. The tower is just a tad taller than Vancouver Center 3 / Viewpoint. Gramor Development, the master developer of the Waterfront, has plans to erect a 14 story condo tower on Block 16 to the west of the restaurant buildings and pier. This appears to be a more mainstream option with 80 units planned and probably a little less ‘luxurious’. Pricing will likely to be lower than Kirkland as a result. I wouldn’t be surprised if investors are waiting to see the market reaction to Kirkland’s 40 units this spring.

Viewpoint remains a difficult buy opportunity as units simply do not come up for sale often in the 11 story building. Viewpoint has 33 residential units on the top four floors above the office tower. Although Viewpoint is now closing in on 20 years old, Kirkland should have no problem selling out as Viewpoint units come up for sale infrequently and sell rather quickly in general. I feel like a handful of Viewpoint owners are also waiting for Kirkland to open and perhaps a few Viewpoint units will be listed so the owners can move to the Waterfront.

I am starting to hear members of Congress and officials in the upcoming Biden administration talking about a broad reopening and more loose federal guidelines on COVID-19 based on new scientific studies, and the release to the masses of vaccines to fight the pandemic. This will be a welcome environment as the waterfront and the developers need to procure funding for several new projects working through the planning and permitting process.

Let’s hope 2021 brings more good fortune to urban living in the ‘Couv’.

2021 Starts Off With Strong Activity

So the very first week of the year of course a little slow as the New Year typically is what with the holidays and all, but this past week was back tot he 2020 style of activity with multiple units coming on line and several went pending right away.

I have been harping on mortgage rates for the last year because they are driving the market right now. The pandemic should have really disabled the market but super low rates have kept things humming along.

Downtown Vancouver continues to be a draw from neighboring Portland and even people coming down from Seattle which has become very unaffordable. Vancouver has both a big city vibe and a small town vibe in the same community and that is really hard to pull off, yet this city is doing just that.

The pandemic has people working from home and many business analysts are suggesting that many will continue to work from home after the pandemic. estimates I have seen range from a 10%-20% permanent increase in work from home. That is not great for the commercial office market but it is great for Vancouver urban living because working from home in Washington could have significant tax advantages over Oregon.

I am anxiously awaiting the completion of Kirkland Tower to get a peek at these brand new luxury condos right on the shore of the mighty Columbia. That building seems to be moving a slow motion as the final construction phase is underway. That could be as much me as the actual project. That building is supposed to be ready first half 2021.

Kirkland proposed another project on the east side of the Interstate Bridge as well. I’d imagine that project will pop back on to the radar after Kirkland sells through the 40 units.

2021 is off to a pretty good start.

Happy New Year!

Well 2020 is gone… good riddance you might say. Despite the pandemic and political turmoil, 2020 was a great year for real estate and for the Vancouver urban living scene. Real estate may have been the bright spot for the year along with a roaring stock market recovery.

With the stock market at record highs there is capital available for real estate. Many stock market investors will take profits from equities then invest them in other sectors often large real estate projects which can act as a hedge against equities. Vancouver has hundreds of million s of dollars in urban real estate projects working their way through the permitting process. Last week I outlined several of these with the status and estimated timelines.

Formally ‘Timberhouse’ The Third on Block 3 at the Waterfront is nearly through the permitting process.

2021 has the potential to bring great improvements to the urban living experience in Vancouver. Easily more than 700 apartment units should arrive to market this year and maybe closer to 1000. More people living downtown lead to more economic growth for the urban core. Struggling restauranteurs, brewers, and shop owners need a boost after the lockdown infested 2020. They may just get their wish here as vaccines become widespread and more people arrive in the area.

My only concern is that the city pushes the “stupid button” and ruins the MTEP program. I wrote about that several weeks back, read it here. Hopefully the city will recognize the value of this program at bringing hundreds of millions of dollars into the local economy, in fact billions over the next several years with the Waterfront and other Downtown projects.

Happy New Year!

A Closing Look at 2020

2020 has been a year of crazy politics, a worldwide pandemic, and just a year I figure most people are happy to see end. Here in the urban core of Vancouver USA a fair bit of work got done in spite of all the disruptive events. Here’s a look at some of the progress made in Vancouver USA for 2020.

  • January – Hurley Tower, 6 story office condominium building completed.
  • January – Vancouver begins the process of opening up the “Waterfront Gateway” area to development. Expected development to begin in 2022-23
  • February – The 250′ tower crane supporting the Kirkland Tower and Indigo Hotel projects on Block 4 at the Waterfront comes down. Kirkland Tower, 12 story 40 unit condominium tower, Indigo Hotel 138 room 8 story hotel.
  • February – A tower crane is erected to support the Waterfront Block 20 project, “The Columbia” a 7 story 248 unit apartment building with 2 floors of underground parking. Jackson Square Properties, developer. Expected opening in Q2, 2021.
  • March – Governor Inslee locks down construction and real estate.
  • April – Governor Inslee eases restrictions on construction and real estate.
  • July – Tower crane supporting the Aria apartment building is removed. Aria is 127 unit 7 story building on West 6th near Esther Short Park being constructed by Cascadia Development Partners. Expected opening in Q1, 2021.
  • July – Alliance Vancouver presents designs for review of Broadstone project for Block 17 at the Waterfront. A 5 over 2 7 story building with 177 apartment units. Likely ground breaking in Q2, 2021.
  • October – Tower crane erected to support Block Ten project, Holland Partner Group, developer, Two towers over a full block 2-3 story podium of parking and ground floor retail. 4 floors of office and 5 floors of apartments. Expected delivery in Q4 2021.
  • October – Tower crane erected to support the 7 story AC Marriott hotel project at Terminal One.
  • October – 12 story Timberhouse CLT project officially replaced with 8 story traditional build 5 over 3 for Block 3 at the Waterfront. 227 apartment units. Summit Development Group. Likely breaking ground in Q1, 2021.
  • November – Holland Partner Group completes Tower 4 at Vancouver Center. Named Coen, 7 stories, 118 apartment units over base of retail/restaurant.
  • November – City Council considers revisions for MFTEP program over concerns of income disparity.
  • November – Work begins on renovation of Vancouver Landing at Terminal One. A new public space and improved support for cruise ship arrivals.
  • December – Aegis at the Academy Phase I in final approval process. Two buildings of 5 and 6 floors with 140 apartment units and some retail. Likely ground breaking in Q1-2021.
  • December – Timberhouse / The Third in final approval process, 8 stories, 227 units, Block 3, Waterfront. Likely start Q1, 2021.
  • Leading into the New Year: More than 700 new residential units under construction with mid 2021 delivery another 1175 in the immediate pipeline for later delivery in 2021-2022.

Vancouver had a damn solid year all things considered and I look forward to seeing more activity in 2021.

Happy Holidays.

Ho Ho Ho… Vaccines on the Go

The FDA has not only cleared both the Pfizer and Moderna vaccines, but distribution has begun. Although it will take several months to get the vaccines distributed in large enough numbers to create what doctors refer to as herd immunity, the light is clear and bright at the end of this dark tunnel.

Restaurants and pubs all over the Downtown area just need to hold on a bit longer and the raging hordes of the hungry and thirsty shall return. 2021 should also bring an additional 1000-2000 new residents to the Downtown core as several large mid-rise and high-rise residential projects are nearing completion or recently completed. This will provide a extra punch of business for businesses that have struggled under COVID-19 restrictions for nearly a year now.

The following residential projects are likely to have a positive impact on local Downtown business in 2021 and beyond:

  • Prestige Development “Ed Tower” 5 floors, 25 units, Q3 2020
  • Prestige Development “Dollie Tower” 5 floors, 21 units, Q4 2020
  • Holland Partner Group “Coen” 7 floors, 118 units, Q4 2020
  • Cascadia Development Partners “Aria” 7 floors, 127 units, Q1 2021
  • “VW 10”, 2 blgs 4 floors ea, 96 units, Q1 2021
  • Kirkland Development “Kirkland Tower” 12 floors, 40 units, Q1 2021
  • Jackson Square Properties “The Columbia” 7 floors, 248 units,  Q2 2021
  • Al Angelo Co “Mill Plain II” 6 floors, 44 units, Q2 2021
  • VHA “Residences at Arnada” 2 blgs 4 floors ea, 83 units, Q1 2022
  • Ginn Development “WXV” 4 floors, 60 units, Q1 2022
  • “Johnson Mixed Use”, 3 floors, 10 units, Q2 2022
  • Cascadia Development Partners “Hudson West” 3 floors, 50 units, Q3 2022
  • Hurley Development “Bennett Apartments” 3 floors. 74 units, Q3 2022
  • Marathon Development “Aegis” 2 blgs 6 & 5 floors, 140 units, Q4 2022
  • “Jefferson Street Apts” 4 floors, 68 units, Q4 2022
  • Summit Development Group, “The Third” 8 floors, 227 units, Q4, 2022
  • “The Broadstone” 7 floors, 177 units, Q1, 2023
  • Summit Development Group “Aegis II” 2 blgs 6 floors ea, 206 units, Q2 2024
  • Gramor Development “Block 16” 14 floors, 80 units, Q4 2024

I’d expect about 719 units to hit the Downtown/Uptown market by next summer and that alone translates to about 1200-1300 new residents. Another 1175 units are under construction or soon to break ground which will add close to 2000 more residents Downtown over the next couple of years. All these new people will push millions of dollars into the Downtown economy. After a bleak pandemic filled 2020, we are no doubt ready for some good news in 2021.