Ann Arbor Area Community News
In all the flurry of potential residential building downtown, one question lingers: what is the actual market for downtown condos? With 530 or so condos and several hundred apartments proposed for downtown in the next two years and the Klines’ lot RFP still to be released, the DDA realized they needed a better idea of the actual supply and demand for condos downtown. The results of the study they commissioned can be found in the following memo: 2006_klines_phasing.pdf.
The moderate-growth scenario “indicates that in the next five years demand is unlikely to catch up with supply.” The high-growth scenario is more optimistic, with all currently proposed units being “absorbed by 2008.” This, however, assumes that no other units will become available in the intervening years. One result of the study is that the Klines’ lot RFP will not be released until next year.
More information is in this article from the Ann Arbor Business Review.
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