Many New Projects, Are Developers Moving Quick Enough?
The Harrison and 819 S. Calhoun have a total of 47 combined rental units, which are currently or are expected to be fully leased during the next few days. With only one other confirmed development on the boards (44 Units in 2014), it doesn’t appear there will be room for many who are waiting to jump on the downtown bandwagon. According to a study done a few years back by the Graham Administration:
Based on an analysis of lifestyles, consumer preferences and spending habits, the study shows that the downtown area could support up to 387 new market-rate housing units and 127 affordable housing units per year. The highest demand for downtown housing comes from young singles, couples without children, empty nesters and retirees, and a range of non-traditional families.
Now a “testing the waters” phase was to be expected. Basically, demand has been pent-up for years but the private sector doesn’t just throw millions into a market because they suspect a positive outcome, especially after the last few turbulent years in our economy. What we have now is solid proof that if you build it, they will come.
So where are we going now? We already know the city’s intention with the land adjacent to Parkview Field, apartments & town homes. That’s probably the best use for the land, but let’s make sure we’re not short sighted in our long term ambitions. For instance, we must push developers to take advantage of the frontage along Jefferson Blvd. The Vision Team is only conceptualizing but I saw a lack of retail and/or commercial space in their conceptualized new development. Before everyone states the obvious, The Harrison commercial space is not fully leased, there is logic to this thought. Critical mass. We have to take advantage of all opportunities. Heavy visiblility and adjacent mixed-use development are two of them. The only way to guarantee full success of these developments is to transform this area from a destination to a district. This shouldn’t be too difficult as the city could easily impose a short list of requirements for this land to be developed, after all, we’ve done it many times before.
Emma Koch | 21Alive
FORT WAYNE, IN - A home run for advocates of residential living in downtown Fort Wayne. A major apartment project is now fully leased out. “The Harrison”, built at the TinCaps baseball stadium, is now on the verge of having every unit occupied. There’s evidence the concept is also catching on elsewhere in downtown. No vacancy. It’s a phrase that now applies to the Harrison Square Apartment project. All 43 upscale units, some renting for more than $2,100 a month, have signed leases. Breck Johnson says for several months momentum has been building. ” It just seemed like as soon as one person moved in, there was just a bunch of people that said, hey, I heard a friend moved in there, I was there the other day. It looks awesome, can I take a tour,” Johnson said. “The Harrison” is all leased up now, but there are some other downtown apartment options that are popping up. David Corcoran sold a computer software business in 2010 to concentrate on renovating the upstairs of 819 and 821Calhoun Street into four cozy apartment units. Two are already leased. ” Probably by the end of this week, we’ll get rid of the other two units that we’ve got here and have those fully leased. The Harrison has got all their units leased, to me that’s great. That should tell developers it’s time to start investing more in downtown living,” Corcoran said. The Harrison does still have some available space for rent. We’re talking about retail and office space on the main floor. BND Commercial is in negotiations with three different potential commercial tenants. There are no signed deals yet, but announcements could be coming soon. Johnson believes it’s partly because the apartments are full, which boosts the customer base for a restaurant, small grocery, or drug store that might want to locate at “The Harrison”. MORE: Apartment & Retail Project Plans Summer Completion On SoCal [DTFW Blog] theharrisonBND.com [The Harrison Apartments] downtownfortwayne.tumblr.com [DID Tumblr - 817 S. Calhoun]