Jan
27
2008
Build It And They Will Rent?
By Charles TurnerThe print version of the Portland Business Journal reported on Friday that Prometheus Real Estate Group is the owner of 10th & Hoyt and has signed up as the property manager for the Wyatt which is now apartments rather than the condo development that was planned. Trammell Crow Residential is in the process of building the Alexan South Waterfront; the South Waterfront’s first apartment building. This equates to 900 new high end apartments being built in just three towers. The article asks the question: is there a market for them? The article is only online for print subscribers.Portland Real Estate Blog
There is always a market for high end apartments, but at what price??? I can’t imagine that the rents they will want to charge will be in line with planned condo prices.
This is all about salvaging the lender’s position. They are too far along to stop the project but the condo market is saturated. Better to negotiate with the lender and wait several years. The lender avoids a huge write-down, the developer avoids the taint of a bankrupt building.
Our area is undergoing a big boom in development. After recent hurricanes in 2004 in Florida many business sold out to land development companies with the idea the baby boomers will be heading south soon.
I lived in this great apartment community at the time and they were knocking all these apartments and mall down to build 4 50 story towers with condos. Well the towers got reduced to 25 floors and only two building were built. Not much response from public for these condos’. Sometimes when you build it they do not come. I’m sure at sometime in the future they will consider what they are calling Phase Two of the project.
A realtor in Daytona Beach marketing in Portland is a reach. Each to their own opinion as to why…
I read it less as marketing than what happened in another market- “build it and they don’t come.” There is no contact info for the commenter.
Stand corrected. I miss-read it.
He has a point, and I fear that is exactly what is happening in SoWa.
Stand corrected. I miss-read it.
He has a point, and I fear that is exactly what is happening in SoWa.