Regarding comments about Banque and Gold: Maybe people don't want to live too close to the Sunshine Theater? What if all the bars were on the east side of Downtown and the condos were on the west side? Might be more livable.
Hi anonymous - I'm the Phil who commented about empty condos on DCF. I think the bigger (much bigger) issue for Banque and Gold is price. The Gold St folks were out at the downtown arts festival this weekend handing out flyers, and the cheapest space in the building (about 1000 sq ft) is still priced above the median home price for the ABQ area. From what I understand, the Banque is even more expensive. Personally, I think downtown needs a lot more amenities - a grocery, more shops, etc. - before high-rise real estate in the area will be able to command prices like that. I think condos are just the wrong thing to focus on at the moment. Like Tim says in his next-most-recent post, quality rentals for artists and young people would bring more people and life to the area and attract businesses, laying the groundwork for high-dollar residences somewhere down the road. I just can't see all these condos getting filled in the current climate
Phillip, I was surprised to learn how many rentals were in the Denver warehouse area (SoDo or some such). Appartments are more practical for the young, highly mobile folks that would be tempted to move down there. I guess condos are atractive to developers because they think that they can get there money out reasonably quickly and move on to the next project. Appartments require a substantial investment from someone willing to stick around and actually manage them. Who's got time for that?Charles
I totally agree with you Phillip.The Gold Lofts were premature, and the developer admitted that in a recent articel in the NM Business Outlook a while back.Same goes for the Banque Lofts. They are pricing themselves out.You have to expect better employers downtown, with more excutives in order to fill those pricy lofts and condos that are in the DT market.I also agree that there is a lack of affordable housing. I would love to live DT, but there is really only one option to rent, and that is the Villa De San Felipe Apt.s There are no options, and the DT revitalization project has been kind of stagnant lately.I aslo agree about the Gorcier problems. I mean for god's sakesm theres not even a Walgreen's DT.Other than Bar's, DT ABQ is still dead. NNot as bad as 10 years ago though.I know that DT Commercial real estate is having to drop their asking rates to lure Employers in.There's nothing new that has been built in 20 or so years, and the Hournal Center, and Nothern areas of the city are eating up all the good leasers and buyers.DT better get some people down there quick, because DT is really going down hill.The New Arena project could really be a shot in the arm that would stir some activity. Throw in the Packard development, and ST would doing well for itself.
Hey anonymous, go check out the leasing rates and vacancy rates over the last two quarters. Downtown is on it's way up, my friend.
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