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Phillydog

Apartment Towers Next?

Apartment Towers are on the way Uptown and Elsewhere?   31 members have voted

  1. 1. Are apartment towers are on the way Uptown and elsewhere in the region?

    • Yes, announcements on the way!
      17
    • Yes, but not for many years
      8
    • No, there's no market in the short term
      6
    • Never in Charlotte
      0

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8 posts in this topic

While the condo tower boom beget a boom in apartment towers?

Will rising interest rates and changes in demographics lead to apartment towers being built?

What do you think?

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I would hope the growth of new young professionals entering the city right out of college would increase the need for apartments uptown. Logistically, i don't know if this is will work in the near future. I'd say within the next 5-7 yrs we'll see alot of apartments.

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I think it may be a little while before any major announcements come about

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I think it may be a little while before any major announcements come about

why? it seems reasonable to me as there are very few uptown apt communities

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I think it was argued in another thread that rental rates would have to rise to a certain price per sq. ft to make high rise apartment feasible. I think we may be pushing that number already as I was recently quoted 1200 a month for a one bedroom in SouthEnd Square. When I asked the agent the reason for prices being what they were she plainly stated that it was because Camden owned all of the area properties and had little competition (at least she was honest). However it appears Camden will be getting some competition in SouthEnd soon as it looks like there are proposals for new apartments in the neighborhood. If rates go down in SouthEnd then I assume people wouldn't be willing to pay prices that are much more expensive to live uptown. It seems most recent college grads tend to rent outside of Uptown in neighborhoods like SouthEnd and Elizabeth to get the in town convenience while having lower rents. Remember, most people don't make extreme bank right out of college. The mid-twenties segment is easy to price out of a neighborhood.

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As a mid20s renter hanging on by my fingernails in Dilworth I can relate :lol: I am seeing an upswing in apts though as the real estate market cools down. Camden Dilworth (another Camden!) seems to be filling up fast although they are quoting about a Grand a mth for a studio! I am paying $550 right now for a nice sized one bedroom apt in a house with some character in a quieter just as convenient location.If I am not mistaken there are plans for a new apt tower along Tremont near the rail line. I am heartened to see more reasonable rental signs popping up in Dilworth in old places like mine. Hopefully I will have some options if I have to move and not be royally screwed like a friend of mine who used to live in Meck Mills in Noda.

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I think this would definately be a good thing for the real estate market uptown if you get people renting for their first few years of trying to claw to the top; then saving little by little to get out of having to pay money every month that they will never see again. I think the pencil tower next to the arena would probably be better suited to have apartments than condos as you could fit more units per story. The location is close enough to Epicenter to keep the flow of renters up for decades to come.

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An interesting twist to this idea would be a tower that was predominately short-term (one year or less) Corporate Housing. BofA and Wachovia could keep this well occupied.

I'm not sure how many early to mid 20 year olds would be able to afford living in a tower. I would imagine the rents would be - for lack of a better phrase - sky high.

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