How will the downtown apartment market shake out?

[mgreven]

Would it have anything to do with people in the medical field needing three months?

[GRDadof3]

10 hours ago, mgreven said:

Would it have anything to do with people in the medical field needing three months?

Obviously that would be a niche but I'm surprised they've had to "resort" to this kind of lease deal. 

[MJLO]

14 hours ago, GRDadof3 said:

I thought all the projects were on waiting lists?  

I've never been solicited to rent apartments to clients before. 

They were on waiting lists,  then the market got flooded with more units than it could absorb.  It will catch up, we may not see waiting list anytime soon but the region is attracting enough people that the 3 month desperation will be temporary.  Price points will drop, might even boost the rate of growth in the metro are a smidge.

[GRDadof3]

9 hours ago, MJLO said:

They were on waiting lists,  then the market got flooded with more units than it could absorb.  It will catch up, we may not see waiting list anytime soon but the region is attracting enough people that the 3 month desperation will be temporary.  Price points will drop, might even boost the rate of growth in the metro are a smidge.

I know, I was being sarcastically lugubrious.

[Aiga]

''The rents are to damn high''

 

[GRDadof3]

I'm not sure if this project over on Front Street could be on any more of an island (surrounded by all industrial), but it certainly has nice views. Being LIHTC, they won't have a problem filling it. 

 

[thebeerqueer]

I saw this the other day from Monroe, looks sizable and impressive, albeit an island. 

 

[joeDowntown]

I think we could see Front Street change from Industrial to a very mixed-use neighborhood. This is a good start.

Joe

[GRDadof3]

20 hours ago, joeDowntown said:

I think we could see Front Street change from Industrial to a very mixed-use neighborhood. This is a good start.

Joe

I've always loved that old Clipper Belt Lace Co that's a few doors down to the North. I'd love to see the inside and what the high ceilings are like.

In other apartment news:

http://www.mlive.com/business/west-michigan/index.ssf/2017/04/loft_apartments_carved_out_of.html?ath=1a90132b90933db8002100e5723c045a#cmpid=nsltr_herostrybutton_single

 

[Morris]

15 hours ago, GRDadof3 said:

 

In other apartment news:

http://www.mlive.com/business/west-michigan/index.ssf/2017/04/loft_apartments_carved_out_of.html?ath=1a90132b90933db8002100e5723c045a#cmpid=nsltr_herostrybutton_single

$1215 to $1530 for a one bedroom apartment plus $100 for parking? Ouch!!!

 

[thebeerqueer]

Yikes! That's steep. 

[GR_Urbanist]

That is simply absurd and obscene for the location.

 

That much money for views of parking lots, mostly dead streets, and living next to a fire station?

 

it would have been better to live on Belknap Hill or get in on the West Side for cheaper.

[GRLaker]

18 minutes ago, GR_Urbanist said:

That is simply absurd and obscene for the location.

 

That much money for views of parking lots, mostly dead streets, and living next to a fire station?

 

it would have been better to live on Belknap Hill or get in on the West Side for cheaper.

Agreed. You would expect that the huge influx of apartments into the market would lower the prices based on the presence of competition. However, that does not seem to be the case at all. There is no way anyone can convince me that a one bedroom apartment in Grand Rapids is worth over $1,200, let alone $1,500.

[x99]

38 minutes ago, GR_Urbanist said:

That much money for views of parking lots, mostly dead streets, and living next to a fire station?

That is a really busy fire station, too.  The trucks never stop.  As for the apartments, well.  I think I would rather live pretty much anywhere else.  They do not look nice to my eyes.  The wire burner bargain bin stoves are a nice touch at this crazy price level, too.  Wow.  I just wonder how many developers are going to lose their butts when this all goes POP (again).  

[GVSUChris]

We've already heard this from Orion before so it isn't really anything new, however this line jumped out at me: 

"Wheeler still is bullish on the potential for downtown residential and said a small residential piece could be included in a larger, unannounced mixed-use development in the downtown area." 

I'm curious about what and where that might be.

http://www.grbj.com/articles/88685-orion-hits-pause-on-downtown-residential

[GRDadof3]

On 4/23/2017 at 0:11 AM, Morris said:

 

This picture of a random oak shelf just sells the place!

46 minutes ago, GVSUChris said:

We've already heard this from Orion before so it isn't really anything new, however this line jumped out at me: 

"Wheeler still is bullish on the potential for downtown residential and said a small residential piece could be included in a larger, unannounced mixed-use development in the downtown area." 

I'm curious about what and where that might be.

http://www.grbj.com/articles/88685-orion-hits-pause-on-downtown-residential

Yeah, that is interesting... Are there any open spots left downtown that aren't owned by MSU, Amway, or CWD? Maybe they're partnering with Ellis again on one of his lots? 

And what does this mean?

Arena Place and Venue Tower, are nearly at full occupancy when combined. Arena Place’s 100 units are completely leased and Venue Tower’s leasing has been open a month, with 67 of 94 units leased.

Do Business Journal writers get paid by the word?

[arcturus]

'Arena Place’s 100 units are completely leased.'

And here I thought some of the architectural critics would influence their leasing success.

[GRDadof3]

Just now, arcturus said:

'Arena Place’s 100 units are completely leased.'

And here I thought some of the architectural critics would influence their leasing success.

That was funny. And I was one of them! "Never overestimate the tastes of the American public." 

[arcturus]

50 minutes ago, GRDadof3 said:

That was funny. And I was one of them! "Never overestimate the tastes of the American public." 

Yes and it bodes well for the castle!

[GRDadof3]

This is encouraging:

http://woodtv.com/2017/08/23/more-apartments-being-built-in-downtown-grand-rapids/

[SupercityGR]

Me and my wife had our house sell in 4 days. We had a difficult time finding a house. Luckily a couple months later we were able to offer well above asking and get into a new house. Point of the story is 3 month rental agreements are great to people who sell there homes to quickly or just move into the area 

[RegalTDP]

3 hours ago, SupercityGR said:

Me and my wife had our house sell in 4 days. We had a difficult time finding a house. Luckily a couple months later we were able to offer well above asking and get into a new house. Point of the story is 3 month rental agreements are great to people who sell there homes to quickly or just move into the area 

Congratulations, BTW