Despite the downtown turn in nationwide housing sales and the implosion of the subprime lending market, demand for City Center residential remains quite strong. Although investors are not participating in the same numbers as last year, owners occupants continue to shop downtown. As residential projects "go vertical" (near completion) demand steps up.
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 |
351 |
335 |
95% |
|
Rental Units |
2043 |
1803 |
88% |
Condos for sale at various stages of development that are actively marketing
|
Project Name
|
# of units
|
# Sold/Under Contract |
|
City Federal |
84 |
52 |
|
Athens Flats |
33 |
22 |
|
Liv-on-Fifth |
37 |
19 |
|
Liberty House (conversion from rental) |
20 |
|
|
Massey-Corral |
4 |
|
|
Watts Tower (conversion from rental) |
54 |
25 |
|
Leer Tower (just began marketing) |
60 |
|
|
Total: |
292 |
|
There are about 2,686 apartments and condos existing and currently under construction.
Apartments scheduled to begin construction in the next six months
|
Project Name |
# of units |
|
Block 121 (Corporate Realty) |
258 |
|
Burger-Phillips Building |
35 |
|
Park Place (Phase III) |
237 |
|
Total: |
530 |
The end result will be more than 3,200 apartments and condominiums and nearly 5,000 people living in the City Center once all these projects are complete.
|
Completed Owner Occupied Units |
351 |
|
Completed Rental Units |
2043 |
|
Units Actively Marketing |
292 |
|
Units Firmly Committed |
530 |
|
|
3216 |
For a comprehensive list of resdential development and City Center population projections,
click here.