(Houston) Apartments to multiply inside the loop

[Double L]

Apartments to multiply inside the loop
By NANCY SARNOFF, HOUSTON CHRONICLE
Updated 12:12 a.m., Monday, November 21, 2011

High occupancies and rising rents for apartments are driving a new wave of development in Houston's high-end urban neighborhoods.

More than 3,500 units in a dozen complexes are under construction primarily inside the 610 Loop and around the Galleria. Nearly 8,700 more are proposed, according to Houston-based Apartment Data Services. Most, if not all, are being planned with top-notch finishes and high-dollar rents.

The flurry of activity is meaningful after a period where construction was virtually nonexistent. Amid the nation's economic crisis, developers couldn't get loans to start new construction and the appetite for apartments soured as renters moved in with relatives or doubled up in units.

But with the local job market beginning to recover, demand has been ramping back up, and the numbers of available units are dwindling. Few are concerned about a glut.

http://www.chron.com/business/articl...op-2277479.php

[urbanactivist]

You can tell this quite easily by the flurry of "support infrastructure" that has already been built.

Grocery stores is a perfect example... the inner loop slice bounded by downtown, 59, i-10 and 610 has gained at least 3 major ones since 2008 (HEB Montrose, Whole Foods Montrose and Phoenicia Downtown) along with some major renovations of 3 existing Krogers. NONE have closed down btw. In terms of local needs for the community, this is really really big news... a clear sign of growth and liquidity inside the loop. Basically, it's booming.

[shakman]

This is definitely great news. I happy to read areas in and around the Loop are being filled in with development. I hope all these developments are developed in an urban manner. As a urban planning major, the so called "garden style" developments is beyond ridiculous.

[Double L]

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