Yesterday the Birmingham Business Journal ran another article by Brent Goodwin about affordable living in downtown Birmingham with all the new residential apartment construction. It is subscriber content, so I can't give you too much, but here is a little taste of the important stuff:
"Flats on 4th will fill the middle market gap by providing affordable apartment rental rates in the Parkside District," said Chip Watts, president of Watts Realty.
Thousands of new apartment units have opened or are being developed in the last few years primarily in Birmingham's Parkside, Southside, and Lakeview areas. Developments that have opened are filling up, and developers have said people of all ages - not just young professionals - are renting them.
But the majority of these apartments are high-end Class A units, which developers said is what the market and construction costs have called for. That means there's a growing number of potential renters that want to live downtown but can't afford the high rents and fall into "Birmingham's housing gap," which was outlined in a recent Cover Story.
But this won't be the case with Flats on 4th.
If you subscribe to the BBJ, you can find the entire article right here.
