Has nothing to do with density, but how developers in general don't capitalize on the idea that many people want units close to the CBD or in the CBD, without paying an extraordinary amount. A project like this could cater to millennials, couples, your everyday office worker who is in the area. Essentially a great location for affordable housing.
I believe the demand is there to make a project in the range of 3.7k + feasible, and one that caters to people who live outside of the CBD (who would love to live there but can't afford the rent/unit.
For the time table that this project has (isn't it 2023-25 tentatively), a much larger project could work, in which, the phases would absorb "X" amount of units sold, and move on to the next phase.
Its great project, don't get me wrong, but I just think its another example of developers in America not catering enough to make a dent in the housing crisis and/or making our cities accessible to people who would like to live there. Aggressive marketing and sales is the key.
A project like this wouldn't really be a burden on the infrastructure assuming it has limited parking and caters to those who walk or take the bus.
If you build it, they will come. Developers don't need to sell 100% of the units right away. They often take the risk of waiting; in some cases, towers can take years to fill up.
Quote:
Originally Posted by Kumdogmillionaire
There is no demand for 7000 units there, therefore there isn't a missed potential.
|
I'm not saying short term, but over a decade. Essentially the time line of the project and a little after. The demand is there. If they price these units at a reasonable price that caters to your people or couples making 60-120k, they will sell units easily.