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201 twenty-one progress


tuffsim

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From the supplement to the Mayor's State of the City address:

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"Roseland Property Company and the partnership of Galiani, Jackson, Galiani are developing an urban apartment community named "201 Twenty One", a five-story building with an enclosed parking garage. The building will have a total of 244 high-end urban apartment homes, surrounding a central courtyard, and pedestrian friendly retail on 21st Street. The apartment homes will be served by numerous elevators and feature an extensive clubhouse and state of the art amenities. The development will occupy the city block bounded by 21st Street, Omuhundro Ave, Llewellyn Ave, and 20th Street. Construction will commence in the second quarter of 2006. The total investment will be in excess of forty million dollars"

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From the supplement to the Mayor's State of the City address:

DSC01339.JPG

DSC01340.JPG

"Roseland Property Company and the partnership of Galiani, Jackson, Galiani are developing an urban apartment community named "201 Twenty One", a five-story building with an enclosed parking garage. The building will have a total of 244 high-end urban apartment homes, surrounding a central courtyard, and pedestrian friendly retail on 21st Street. The apartment homes will be served by numerous elevators and feature an extensive clubhouse and state of the art amenities. The development will occupy the city block bounded by 21st Street, Omuhundro Ave, Llewellyn Ave, and 20th Street. Construction will commence in the second quarter of 2006. The total investment will be in excess of forty million dollars"

Add this project to the massive Row at Ghent, which is similiar, (Not in style) and the other side of brambleton is well on its way to revitalization. Next stop, mixed income development at Park Place. :whistling:

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I like the concept, this looks like it could be in Miami Beach. Would this be considered Art Deco?

I am thinking that this is post modern design. It is something a little more daring than the overtly colonial constrcution that we are so used to seeing... hopefully this is just one of the first of many new daring things to go up in the area as a whole, especially in Ghent/DT. I don't want to see any more colonial styled townhouse looking buildings when things like this could be going up...

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My question is who in their right mind is going to pay upwards of 2,000.00 a month in rent,THAT IS MORE THAN MANY PEOPLES MORTGAGE PAYMENTS. And where are all these people who can pay 2,000 a month in rent coming from and why woudl they be stupid enough to pay that much to rent an apartment when they could buy something for that much a year.

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There are some people that make good money that may have come to the area because of their employer.

They may be the type that is looking for an upscale apartment only for a few years and is willing to pay top $$$, but doesn't want the hassle and strings of a mortgage.

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What you have to remember is that before the boom there was almost no upscale urban housing to speak of and no where near enough to meet the demand that had existed for years. The market is and was there. Things may be cooling off now but that is only because we are finally starting to meet the preexisting demand. I suspect that this is the last year we will see this many major condo developments for sometime. The people do exist that can afford to pay the premium prices. Go out to the better parts of Va. Beach and look at all the $500,000 to $1,000,000 Mc Mansions that they are still building. People don't seem to raise nearly as many concerns about that. These urban developments are simply an alternative upscale living arrangement than your traditional suburban development. If there are enough people to buy all those mansions then I'm fairly sure we have enough people to absorb the condos as well.

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My question is who in their right mind is going to pay upwards of 2,000.00 a month in rent,THAT IS MORE THAN MANY PEOPLES MORTGAGE PAYMENTS. And where are all these people who can pay 2,000 a month in rent coming from and why woudl they be stupid enough to pay that much to rent an apartment when they could buy something for that much a year.

Just as an example, the Heritage apartments at Freemason Harbour downtown on Boush St. rent from $1,100 a month for a one bedroom up to $1,900 a month for a three bedroom. From what I understand, they are all rented and only occasionally have openings.

There are a certain group of people who just prefer to rent, or who may be trying out the area, or may be working hear for a few years and don't wan to buy a house and have to maintain it and then sell it.

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As some one already mentioned people move up from what they live in. I bought my house 5 years ago for 125,000 and a realtor recently said I could sell for 300,000. With the money I could make on my house I could afford one of these condo's. But who wants to jump out of the frying pan and into the fire? :lol:

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