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Asheville Urban Apartment Boom

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A hotel boom has been well underway in central Asheville since about 2008, but Asheville has been quite late to the party when it comes to urban apartments. The 2001~2006 era boom certainly brought quite a few condos, both new construction and reuse of existing buildings, to the downtown area, but the current boom in urban apartments that has been well underway since about 2010 has left central Asheville surprisingly untouched, especially given that the apartment vacancy rate in Buncombe County is currently under 1 percent. In fact the only significant urban apartments that I can point to in what could by any stretch be considered "central" Asheville (Glen Rock in the RAD, and Larchmont on Merrimon behind the post office), are developed by Mountain Housing Opportunities, an affordable housing developer.

All of that is getting set to change with a load of new proposals for midrise multifamily apartment projects underway. Here is my attempt at a list:

Downtown/South Slope:

  • 150 Coxe / Chrysler Lofts Phase 2: 49 units. Originally 4 stories of apartments on 4 stories of parking. Parking has been dropped and replaced with ground floor retail making this a 4-story building.
  • 185 Coxe / Ledford Site: 146 units in a 5-story building with 186 parking spaces and no retail
  • 55 South Market: 140 units in a building with 5 stories of apartments on top of 2 stories of parking (146 spaces) and no retail
  • 56 South Lexington / Aloft Hotel: 32 units by Public Interest Projects with a small retail space at the corner of Lexington/Aston.
  • Eagle Market Place: Mountain Housing Opportunities 62 units of affordable housing, currently stalled during construction due to a cracked slab.
  • Collier Avenue Apartments: 48 units in 4 stories on top of 2 stories of parking with no retail at the corner of Collier and Ravenscroft
  • 246 Patton Avenue: 116 units in 4 stories with a parking garage

Biltmore Village Area:

  • Biltmore Apartments: 309 units with retail at 100 Fairview Road
  • River Mill Lofts: 254 units at the corner of Thompson and Stoner

RAD Area:

  • RAD Lofts: 237 units with nearly 20k square feet of retail at Clingman & Roberts

This adds up to 1393 units currently proposed.

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I suppose I could do some research, but I'll just many of these are conversions? Or are they all new construction? I did see 150 Coxe seems to be an empty lot...

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It's all new construction. There's not really much left in Asheville to convert. Eagle Market Place includes some facades of older 1- 2- and 3- story buildings.

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