Brooklyn's Latest Project: 200 Riverside

[Captain Zissou]

Okay, It's Happening!!

[Jagsdrew]

Okay, It's Happening!!

"Everyone stay calm, stay f****** calm!" - Michael Scott

[Captain Zissou]

Okay, It's Happening!!

"Everyone stay calm, stay f****** calm!" - Michael Scott

Nailed it.  I tried for like 10 minutes to try and post the GIF, but I couldn't get it to work. 

[KenFSU]

^I've got your back!

[Kerry]

I don't want to jinx it but another piece of construction equipment showed up this morning.

[BridgeTroll]

https://www.youtube.com/v/zDAmPIq29ro

[Steve]

Permit for Construction issued:

https://www.jaxdailyrecord.com/article/city-issues-permit-for-vista-brooklyn-apartments

[JeffreyS]

Does anyone have a new and recent development map of Brooklyn?

[Steve]

I don't want to jinx it but another piece of construction equipment showed up this morning.

Likely legit. Based on the rendering I think the building sits a little lower than the site is currently. First phase of construction is likely playing with dirt.

[Kiva]

So, the apartments at 200 Riverside cost roughly $170,000 each.  Apartments at St. Johns town center sold for $190,000 each. https://www.bizjournals.com/jacksonville/news/2018/11/30/town-center-area-apartments-sell-for-46-7-million.html
Is there really that much demand for studios at $1,300 and one bedrooms closer to $2,000 a month?

[Kerry]

200 Riverside will also include retail space.

[Steve]

So, the apartments at 200 Riverside cost roughly $170,000 each.  Apartments at St. Johns town center sold for $190,000 each. https://www.bizjournals.com/jacksonville/news/2018/11/30/town-center-area-apartments-sell-for-46-7-million.html
Is there really that much demand for studios at $1,300 and one bedrooms closer to $2,000 a month?

I didn't do the math but to Kerry's point there is 14k SqFt of retail space that you have to include.

But....it wouldn't shock me. The units over there already are similarly priced (as is Bell Riverside not too far away) and no one is hurting in the occupancy department.

[KenFSU]

^96% occupancy in the area, to be exact.

Demand is definitely outstripping supply all throughout the area.

6th fastest growing zip code for millenials in the nation.

[Kerry]

^96% occupancy in the area, to be exact.

Demand is definitely outstripping supply all throughout the area.

6th fastest growing zip code for millenials in the nation.

32202?

Do you have a link to that because over the last 2 years I have seen a significant decline in millenial population at 220.

On edit.  Found it.  Zip code is 32204.

http://news.wjct.org/post/florida-zip-code-fastest-growing-millennial-population-jacksonville

[thelakelander]

So, the apartments at 200 Riverside cost roughly $170,000 each.  Apartments at St. Johns town center sold for $190,000 each. https://www.bizjournals.com/jacksonville/news/2018/11/30/town-center-area-apartments-sell-for-46-7-million.html
Is there really that much demand for studios at $1,300 and one bedrooms closer to $2,000 a month?

There's only 600 units between 220 Riverside and Brooklyn Riverside. There are single apartment complexes in the burbs with more units. For comparison's sake, Bartram Park alone is approved for 9,700 units. Not many people are asking if there's demand for the new construction still going up out there. Sit back and enjoy the ride. The urban core is way overdue when it comes to adding new multi-family residential.