Post Number: 247
|Posted on Friday, April 06, 2007 - 4:32 pm: || |
It seems to me, and I know that I am no expert, that the time is right for a decent sized luxury apartment complex downtown. I remember reading somewhere on this forum that the market for apartments in Downtown is very good with rising rents and a very good occupancy rate. Given the recent success of the BC and Griswold, are we ripe for a nice 10-20 story luxury apartment or condo building? I know that the Riverfront Apartments fill that need, but what about something more integrated into downtown. Anyone have any idea for sites? I know that if the Hudson's block is ever developed it will probably include what I am talking about. Does anyone here agree with me or disagree? Anyone with info on apartment occupancy rates?
(Message edited by jdkeepsmiling on April 06, 2007)
Post Number: 1174
|Posted on Friday, April 06, 2007 - 5:03 pm: || |
It's a nice thought, you just have to wait for demand to grow. As demand grows, you'll see some bigger projects proposed.
I feel it is better to fill in a couple vacant lots or renovate a couple old buildings rather than filling in one little space with a high rise.
When the market demands a high rise, there will be a company there ready to build it.
Post Number: 2651
|Posted on Friday, April 06, 2007 - 5:04 pm: || |
I agree. I say wait 5-10 years, and then build something substantial (I mean 20+ stories at least) on the Monroe Block.
The East Riverfront developments which are about to take off will provide the market with plenty of supply of upscale apartments, though.
Post Number: 766
|Posted on Friday, April 06, 2007 - 5:54 pm: || |
If the economy were better then yes. Even with Detroit being the strongest housing market in the region it's weak compared to other major cities.
Post Number: 124
|Posted on Friday, April 06, 2007 - 9:52 pm: || |
Id rather see places like the Broderick, David Whitney, and Book Tower get filled with residents before anything new. With that said a very tall building on Monroe block would be awesome somewhere down the line.
For now im satisfied with rehabs and focusing on the river.