News
BOULEVARD CO CHANGING LANES
April 26, 2011
| The Boulevard Co's Chris Branch, the very symbol of Charlotte condo development through much of the trend?s heyday in the '90s and early 2000s, is the last person you'd expect to declare the phenomenon DOA. But he's moving on to another real estate business model. | |||
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| ?I think the condo market is dead—indefinitely,? Chris tells us. He's now switched to for-rent properties (rediscovering his roots at the former Summit Properties) and is about to develop a $27M second phase of his successful 1225 Church apartment complex, which will have 210 units and get under way in June. (The first phase, above, has 196.) Chris is acting as fee developer for Mid-America Apartment Communities based in Memphis. Rental rates have not been determined. Chris says people are turning to the rental markets because they can't get financing to buy condos. Plain as that. Phase II of 1225 Church is being designed by Urbana. Cox & Schepp Construction is likely GC. | |||
