Yeah, I was surprised at the starting rents, too. I thought they'd be higher.
Also good to hear was that Provident Place down the street was mentioned twice:
And one block away from the Venue at East Town, Gillespie is planning another four-story development called Provident Place at East Town. The $7 million project will include more than 30 residential units and 9,500 square feet of retail space on the first floor.
The only thing I'm disappointed about was that the city allowed them to put up tacky vinyl siding on the secondary facades. This really needs to be regulated better. Gillespie did this down at the Avenue Flats down the street, but at least had good enough since to only have it on the back of the building.
The rents being lower/reasonable is good for the renters, but might be a bad sign for large developers. To be fair, I do think it's good that the rents are more affordable from the renters point of view, but if the market isn't willing to pay the higher rents we're less likely to see fast growth of the corridor.
I don't know what the price floor is on rents where developments will slow down, such as Providence Place or any ones after that.
You just build more units. More than that, this isn't an area that needs to be super-expensive right now. Save those prices for the cores. I don't want the corridor to grow too quickly. Anyway, the rents aren't particularly low, just lower than the stuff you'd find in the core which is good.
Yeah, they're still "new unit" pricing. Most people would be able to find a house for that price if they look long/hard enough. But by renting here they may get a better location/less maintenance/newer furnishings/etc.
I like the idea of Lansing continuing to grow at slower, more sustainable pace. Lansing's niche is that it can provide an urban living environment that's more relaxed and affordable than in Detroit, Grand Rapids and Ann Arbor. That, to me, is what makes it special. Kalamazoo has that going for it too, but I like how Lansing has more neighborhood downtowns, instead of everything being clustered into one spot.
On the rent issue, to me it would be better to have a full building that charges an affordable rent that have a half empty building that has higher rents. $500 up to $1,200 is about what rents should be around that area. It would be a good idea to have a "luxury building" among affordable buildings so people could have that option. This could create a more diverse community, I am thinking of the developments like at the School for The Blind, and the Red Cedar developments.
Comments
Yeah, I was surprised at the starting rents, too. I thought they'd be higher.
Also good to hear was that Provident Place down the street was mentioned twice:
The only thing I'm disappointed about was that the city allowed them to put up tacky vinyl siding on the secondary facades. This really needs to be regulated better. Gillespie did this down at the Avenue Flats down the street, but at least had good enough since to only have it on the back of the building.
The rents being lower/reasonable is good for the renters, but might be a bad sign for large developers. To be fair, I do think it's good that the rents are more affordable from the renters point of view, but if the market isn't willing to pay the higher rents we're less likely to see fast growth of the corridor.
I don't know what the price floor is on rents where developments will slow down, such as Providence Place or any ones after that.
You just build more units. More than that, this isn't an area that needs to be super-expensive right now. Save those prices for the cores. I don't want the corridor to grow too quickly. Anyway, the rents aren't particularly low, just lower than the stuff you'd find in the core which is good.
Yeah, they're still "new unit" pricing. Most people would be able to find a house for that price if they look long/hard enough. But by renting here they may get a better location/less maintenance/newer furnishings/etc.
I like the idea of Lansing continuing to grow at slower, more sustainable pace. Lansing's niche is that it can provide an urban living environment that's more relaxed and affordable than in Detroit, Grand Rapids and Ann Arbor. That, to me, is what makes it special. Kalamazoo has that going for it too, but I like how Lansing has more neighborhood downtowns, instead of everything being clustered into one spot.
On the rent issue, to me it would be better to have a full building that charges an affordable rent that have a half empty building that has higher rents. $500 up to $1,200 is about what rents should be around that area. It would be a good idea to have a "luxury building" among affordable buildings so people could have that option. This could create a more diverse community, I am thinking of the developments like at the School for The Blind, and the Red Cedar developments.
Local artist Brian Whitfield did a nice mural along the back of The Venue:
Link