Mobile Development Thread - Page 35

housingdev-TParker · #**681** Posted **Oct 8, 2007, 1:31 PM**

I agree, will all of these high-end condos take off? I'd love to live downtown, but I'd like to see affordable living solutions in that area.

This is an interesting development in New Orleans, maybe this could work somewhere in Mobile. (FYI Nola Yurp is a young professionals organization):

The Nola Yurp Initiative has partnered with CoolTown Beta Communities, a real estate development consulting firm based in Washington, D.C., to facilitate and develop a cutting edge district for young professionals in New Orleans. But this will not just be any old real estate development—it will actually be designed by the members of Nola Yurp!

The project’s success is based on a method called crowdsourcing, where contributing members will be able to give input on everything from the architectural style to the name of the district to the type of flooring in the residences to all of the available amenities! In exchange for input, the contributing members will be given an opportunity to invest sweat equity in the project, to purchase or rent residences below market rates, and benefit from VIP discounts and privileges at the new businesses. Possibilities for the project include high-style yet attainable housing for young professionals, LEED certified green development, rooftop gardens, cutting edge office space, ground floor retail including entrepreneurial workspace, local independent cafés and stores, a culinary institute…the options are limitless and will be collectively decided by you!

Additionally, bonuses will be offered throughout the process to individual members. For example, a naming or recruiting competition may be held with the winner receiving cash or project equity. The developer benefits by getting a market-driven product and a ready supply of customers. Most importantly, New Orleans benefits through the establishment of a district that thrives on innovation, energy, and young people; an increased tax base, and grass roots community involvement in rebuilding with tangible results.

Port-City_J · #**682** Posted **Oct 8, 2007, 5:11 PM**

Sounds like some good shit. Maypa we should get on that.

Musicisright · #**683** Posted **Oct 8, 2007, 8:01 PM**

Yeah, there seem to be plenty of yuppies in Mobile so I could see that working.

LHG · #**684** Posted **Oct 10, 2007, 8:21 PM**

Urban living is great, but has the market really been tested yet? I for one, think it would be great to see more young professionals living downtown and in midtown. But what are they willing (and able) to pay? $150/sf, $200/sf? Are prices that high justified? The projects announced thus far are priced out of the range of the typical "young professional".

Musicisright · #**685** Posted **Oct 11, 2007, 7:13 AM**

Living downtown is what I fantasize about while lying in bed at night.

It just needs to be more affordable for that to happen. I think that eventually builders will realize that and start building more affordable places to choose from.

CottonCity251 · #**686** Posted **Oct 11, 2007, 12:51 PM**

More rental units are what is needed downtown at lower cost.

LHG · #**687** Posted **Oct 11, 2007, 4:47 PM**

What is deemed affordable? $500/bedroom for rental; $150/sf for purchase? The problem is that the buildings are too expensive to buy and rehab to justify a project that can be deemed "affordable". The cost associated with new construction is also too high to justify an "affordable" project.

Does anyone know of any incentives or subsidies being offerred to offset the cost, thereby justifying an "affordable" project?

nimsjus · #**688** Posted **Oct 11, 2007, 5:29 PM**

Quote:

Originally Posted by LHG

What is deemed affordable? $500/bedroom for rental; $150/sf for purchase? The problem is that the buildings are too expensive to buy and rehab to justify a project that can be deemed "affordable". The cost associated with new construction is also too high to justify an "affordable" project.

Does anyone know of any incentives or subsidies being offerred to offset the cost, thereby justifying an "affordable" project?

I thought the Gozone funding would help with these type projects. I thought it would make some more moderately priced options feasible because liek it was mentioned above, rennovating old buildings is not cheap and usually requires a high end finish to be profitable. I have not seen any projects involving GoZone money completed. They didn't exactly come out and say who/what was taking advantage of it. I believe alot of the projects that initially wanted it, ended up falling through or moving forward without it because of all the red tape.

housingdev-TParker · #**689** Posted **Oct 11, 2007, 6:50 PM**

Quote:

Originally Posted by LHG

Does anyone know of any incentives or subsidies being offerred to offset the cost, thereby justifying an "affordable" project?

There are indeed substantial subsidies available if the developer does the right research (and is willing to balance all of these options). I sort through these options almost on a weekly basis with my job right now. As far as downtown buildings, I would target a few areas for subsidiary funding. Historical tax credits can be applied if the structure has been registered within a historic district. If the project lies within a Main Street initiative, some funding might be drawn from that as well. Now, if it is an affordable housing development from a legal standpoint, you can also apply for Low Income Housing Tax Credits. Additionally, if the project falls within a Qualified Census Tract, you have additional funding. Not to mention if the City has a strong interest in the development. Grants, and or loan assistance might be an option in that case.

nimsjus · #**690** Posted **Oct 12, 2007, 1:20 AM**

New Downtown Mobile Alliance Newsletter:
http://www.downtownmobile.org/images/news/dan_oct.nov.pdf

nimsjus · #**691** Posted **Oct 15, 2007, 5:36 PM**

Article in the PR today about the completion of the conversion of St. Louis St to two way traffic again. These conversions make downtown so much more navigable, especially for people who have never or infrequently come to downtown.
http://www.al.com/news/press-register/index.ssf?/base/news/1192439750223370.xml&coll=3

The article said the city had long term plans for converting two others to two way, but money had not been appropriated nor had plans been confirmed. I think it was St. Joseph and maybe St. Francis. I can't remember and now the article has dissapeared from al.com.

spookyapp · #**692** Posted **Oct 15, 2007, 8:26 PM**

I finally managed to upload all of my downton Mobile pictures to flickr. Here's a panorama from the proposed Mardi Gras park site taken last Mardi Gras:

http://www.flickr.com/photos/9229010@N03/1533435223/

feel free to let me know what you think of the other pictures

Musicisright · #**693** Posted **Oct 16, 2007, 4:58 AM**

I love it. All of them are excellent. Great photography.

And War Eagle!

pkp · #**694** Posted **Oct 17, 2007, 12:27 AM**

Quote:

Originally Posted by Musicisright

Living downtown is what I fantasize about while lying in bed at night.

It just needs to be more affordable for that to happen. I think that eventually builders will realize that and start building more affordable places to choose from.

Check out Oakleigh, Church Street East, or De Tonti. It is an easy walk/bike ride, you can actually have a house, and there are still good deals on the smaller houses.

I live close to Guidos - it is a 25 minute walk or less than a 10 minute bike ride to Bienville Square, but I still have a car (sorry, but still tough not to in Mobile), a little bit of yard, and 2600 square feet. We wanted to live "downtown", but could not justify the money for what you get when the other choices are so good and so close. The 2 bedroom/2 baths that were available were damn near 1/2 $mil "downtown".

CottonCity251 · #**695** Posted **Oct 21, 2007, 3:51 PM**

Here are a couple of developments around town from PR's Kathy Jumper column...

A Nashville-based hotel developer has a contract to purchase 13 acres on South Beltline Highway off Airport Boulevard and Interstate 65 and plans to build a 100-room Homewood Suites by Hilton on part of the land, according to Alpesh Patel of Kana Hotel Group . He is investing $12 million to build the four-story, upscale, extended stay hotel, he said. The hotel should open in spring 2009.

An investor purchased the former Burger King restaurant building at 565 Government St. for $787,500, according to M.J. Baxter of Baxter & Associates . The building has been leased for a Hardee's franchise, and the fast-food restaurant will open next month, she said.

A Macon, Ga., developer has received city approval to build University Crossing, a 222-unit upscale apartment complex on 17 acres he plans to buy on University Boulevard, south of Old Shell Road, according to Burton Clark of Cummings & Associates. Plans call for commercial space on 1,000 front feet on University Boulevard, with the apartments located behind it, Clark said. The land, across from J-Ray Shoes , is owned by the USA Founda tion , and the purchase should close by the end of the year.

The $60 million renovation of the Riverview Plaza Hotel at 64 S. Water St. should be finished in late November, and a 125-foot spire will be installed on top of the roof via crane by year's end, according to Ron Blount , project director for the Retirement Systems of Alabama , which owns the 375-room hotel. The spire will match the top of the 35-story RSA Battle House Tower a block away. The hotel will carry Marriott Corp.'s Renaissance brand.

elb401 · #**696** Posted **Oct 22, 2007, 5:00 AM**

I have some pictures from the downtown living tour and I would like to post some of them and share. Can someone give me a name to a free site that I can upload my pictures from. For some reason I forgot the name of the site that I used. I know it sounds crazy that I could forget something like that. i haven't post any pictures in a while. can ya'll help?

elb401 · #**697** Posted **Oct 22, 2007, 5:21 AM**

HA I just remembered....photobucket.

These pictures are at the Mattress loft factory condos and the ones at night were taken Sunday night when it was raining. Sorry I know these pictures were not that great! That tour took all day, but it was worth it to see every apartment, condo, and home!!

Musicisright · #**698** Posted **Oct 22, 2007, 7:02 AM**

Awesome. I used to live a block west of the old mattress factory. Glad to see it converted so beautifully. Wish I could have made it down for the tours.

nimsjus · #**699** Posted **Oct 22, 2007, 2:43 PM**

I wish someone could get their hands on the Hoffmans Furniture building seen in the fourth picture. The building is beautiful, but is in horrible condition. Restored it could be a real beautiful building for retail/residential and it, along with mattress factory/carriage house, would help keep stretching the revitalization effort westward toward Broad. The building also has a great old neon sign for Hoffman's that would be cool to salvage and keep on the rennovated building.

elb401 · #**700** Posted **Oct 22, 2007, 8:17 PM**

I agree.... i wish the owners would put it up for sale or something. They might just be sitting on it.