http://www.al.com/business/index.ssf/201...er_default
"REV Birmingham has projected the downtown area can absorb as much as 1,200 new residential units. That projection is a few years old and may not account for the current downtown renaissance or the push to aggressively add enrollment at UAB.
Even so, UAB is building its own new residence hall with room for up to 700 students and all of the announced or proposed private development projects would add as much as 2,000 new residential units if they all come to fruition."
This article lists all the various projects in the works. Good stuff for Bham revitalization. We need it, but it has to be done thoughtfully, correctly, and with an eye toward the long term. I want Quality above Quantity, but with Affordability. I thought this statement was interesting, ““One thing I’m very encouraged about is the level of finish we have in our projects is at a very high point in comparison with other Birmingham projects.” Which implies that the level of finish materials may not be so hot on some of the other planned developments (like the sheet metal on the present Lakeview apts?). Will these buildings stand the test of time?
And also… “While questions are arising about the ability to absorb the number of announced units, the real concern for developers could be in getting financing if lenders start to get concerned about saturation.” Surely we will have saturation with all the various projects on the way, and we still need a big grocery store, maybe one will follow all these new residents.
(05-02-2014 08:18 AM)DragonClaw Wrote: [ -> ]This article lists all the various projects in the works. Good stuff for Bham revitalization. We need it, but it has to be done thoughtfully, correctly, and with an eye toward the long term. I want Quality above Quantity, but with Affordability. I thought this statement was interesting, ““One thing I’m very encouraged about is the level of finish we have in our projects is at a very high point in comparison with other Birmingham projects.” Which implies that the level of finish materials may not be so hot on some of the other planned developments (like the sheet metal on the present Lakeview apts?). Will these buildings stand the test of time?
And also… “While questions are arising about the ability to absorb the number of announced units, the real concern for developers could be in getting financing if lenders start to get concerned about saturation.” Surely we will have saturation with all the various projects on the way, and we still need a big grocery store, maybe one will follow all these new residents.
I don't believe saturation of the market will be a problem unless all units continue to be in very limited areas, like all in Lakeview or around UAB. There has been so little new building of these kinds of developments across the city in the past several decades, that it may take many thousands of new units to create a saturation problem. Dispersed development will not cause that kind of problem in the next decades.
(05-02-2014 11:29 PM)BAMANBLAZERFAN Wrote: [ -> ] (05-02-2014 08:18 AM)DragonClaw Wrote: [ -> ]This article lists all the various projects in the works. Good stuff for Bham revitalization. We need it, but it has to be done thoughtfully, correctly, and with an eye toward the long term. I want Quality above Quantity, but with Affordability. I thought this statement was interesting, ““One thing I’m very encouraged about is the level of finish we have in our projects is at a very high point in comparison with other Birmingham projects.” Which implies that the level of finish materials may not be so hot on some of the other planned developments (like the sheet metal on the present Lakeview apts?). Will these buildings stand the test of time?
And also… “While questions are arising about the ability to absorb the number of announced units, the real concern for developers could be in getting financing if lenders start to get concerned about saturation.” Surely we will have saturation with all the various projects on the way, and we still need a big grocery store, maybe one will follow all these new residents.
I don't believe saturation of the market will be a problem unless all units continue to be in very limited areas, like all in Lakeview or around UAB. There has been so little new building of these kinds of developments across the city in the past several decades, that it may take many thousands of new units to create a saturation problem. Dispersed development will not cause that kind of problem in the next decades.
Tons of new apartments on Lakeshore Parkway, as well...
I can see UAB Student Housing getting into a lease agreement with one of the Parkside apartments in the future if we plan on aggressive undergraduate growth and the rental properties don't fill up like expected.
I still think the price point is too high for a lot of these rental properties.