News
APARTMENTS: TOO MUCH SUPPLY?
April 10, 2012
| The three-year apartment pipeline could be larger than demand, according to Bozzuto Development prez Toby Bozzuto, who's speaking at Bisnow's Baltimore Real Estate Summit on April 24. In other words, it might be time for Baltimore developers to take a chill pill on apartments. |
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| Toby (with Bozzuto Group CEO Tom Bozzuto at their firm's Union Wharf groundbreaking in December) tells us further apartment development Downtown isn't warranted right now, as rent growth and absorption are going to decelerate. |
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| That means any projects that do go up have to offer the best value in location, amenities, and experiences. He says Union Wharf, where construction is "well under way" (above) has all that: a Fells Point waterfront spot and high design by Hord Coplan Macht. It's set to deliver in fall 2013. |
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| There's more to drawing residents Downtown than just housing options, though. "A great city is a cauldron of office, retail, and residential," Toby says, expressing that the City must continue to encourage businesses and retailers to put down stakes Downtown, as has happened at Harbor East (that's Pazo, above) and Fells Point. "We collectively need to avoid falling into the trap of thinking that residential is the manna from heaven for any/all problems." (A meal is a full plate, not just the bread. See, the Food Network can help real estate.) |
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Toby?s three biggest Baltimore City residential draws:
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