Overall occupancy of loft apartments and condos in Birmingham's City Center remains high: 93%. Until recently, all new units that have come onto the market have been "for sale" condominiums, and sales have been slow. With financing more difficult to obtain and uncertainty with the national economy, it will take some time to absorb the remaining units now on the market.
Prospects for rental units have strengthened over the past year. Some condo owners have chosen to rent their units until the market stablizes.
Following is a snapshot summary of City Center residential demand:
Occupancy Rates of Completed Residential Units in the City Center
|
|
Number of units completed |
Number Sold/
Occupied |
Percentage
|
|
Owner
Occupied Units |
583 |
499 |
86% |
|
Rental Units |
2173 |
2085 |
96% |
Recently Completed Projects
|
Project Name |
# of units |
|
Burger-Phillips Building |
35 |
|
Park Place (Phase III) |
237 |
|
Total: |
530 |
Rental Projects Under Construction or Proposed
|
Project Name |
# of units |
|
Cityville Block 121 (under construction) |
255 |
|
29Seven Lakeview (pre-construction) |
56 |
|
Total: |
311 |
The end result will be more than 3,000 apartments and condominiums and around 4,000 people living in the City Center once all these projects are complete.
For a comprehensive list of resdential units and City Center population projections, click here.