Headed by Internet MindSpring founder Charles Brewer, Greenwood Street Properties will comprise about 125 townhomes in the $300,000 price range; 125 detached single-family residences in the low $300,000 to high $400,000 level; and 125 condos from $150,000 to $250,000, area multifamily brokers following the market tell GlobeSt.com.
The first 15 single-family homes and eight townhouses are expected to be ready for occupancy by June. The first phase of retail space and condos is scheduled for completion by year end.
Brewer's project begins as the metro area's multifamily market is experiencing one of its worst leasing years. "Owners will report flat vacancy through the first half of 2004," predicts John Leonard, vice president and regional manager of Marcus & Millichap Estate Investment Brokerage Co.'s local office. He adds, however, that "by the second half of 2004, the rental market should show positive signs of improvement as the local economy gains momentum."
Erik Pawloski, research director at locally based Bullock Mannelly Partners Inc., agrees. "Conditions will likely remain strained into (most of) 2004, or until the economy and corresponding demand improve," he says. He puts average asking monthly rents at $953 for class A; $826 for class B; and $731 for class C.
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