Comparing 315. W. Ponce Plans to Other Decatur Condos
Decatur Metro | January 11, 2008David over at InDecatur might have been right when he used the word “cram” to describe what JLB developers have proposed to put in the parking lot behind the old Wachovia building at 315 W. Ponce. Here’s a comparison (in units) of JLB’s plan vs. other existing downtown Decatur condo complexes.
Proposed 315 W. Ponce complex – 220 units (& 50-70 hotel rooms)
Compare that to…
335 W. Ponce – 70 units
The Artisan Phase 1 – 77 units
The Artisan Phase 2 – 50 units [thanks to Carl for giving me a hard # in the comments section]
Decatur Renaissance – 168 units
Townsquare Condos – 105 units
More units than the Renaissance?! Yikes…that’s a big, empty parking lot, but its not THAT big. Let’s just pray the development needs variances from the city, otherwise the city and neighborhood may be working with limited bargaining chips.
I’m also just realizing that this development will mean longer lines at Tacqueria…
Data and photos taken from DecaturGA.com
UPDATE: David points out that the floor plans probably won’t be as spacious as other Decatur condo developments in order to squeeze the 220 condos into the space.
I’m wondering if JBL has checked out how well the smaller, 1 bedroom condos over at the Renaissance are selling… I’ve seen a lot of empty balconies over there…
Latest from Decaturish
FYI, Artisan I has 77 homes, and Artisan II will have 50.
But the city’s been exceptionally generous at giving out variances lately. I’ll lay money on the city passing approval, despite any upheaval from residents. These folks are out of control, and fully convinced they know what’s best for us. And, until they know when to quit, they will ruin this great little city.
That may be right, but don’t forget that variances don’t complete the condo story. The first Artisan was approved (without variances, but with a density bonus for affordable units) at considerably more units than the 77 that were built (somewhere over 90 or so, if memory serves). Despite that, though, the developer found that the market wasn’t strong enough or was saturated to the point where that many entry buyer units wouldn’t work. So, quite a few were reconfigured together to make larger units, which is where the market is/was stronger.
Which is all to say that parcel size governs building mass while parking governs number of units. But demand signs the checks. The Artisan is out-performing the Renaissance because it’s a better project, it’s better designed, it’s better constructed, it has a better relationship with the street, and the developer is better tuned to what Decatur buyers want.
This bodes well, actually, because the takeaways for more success are less intense arbitrary density and greater architectural and construction quality. Exactly what folks by the old Wachovia building need to be pushing for.
SD
At the focus group meetings I asked the developer about moving the development more in line with the Artisan and having more larger units (2br, 3br, or maybe 4 br) and it did not seem to get much traction. I was under the impression that the larger units at the Artisan sold more quickly than the smaller units, can anyone confirm this?
That’s true, but make sure not to draw the wrong conclusion. It’s not so much about demand as it is about demographics. Larger units almost always sell first in a new condo project because many of those sales occur during construction. Studio and one bedroom units mostly appeal to entry-level buyers who don’t typically work in long time frames. They’re more inclined to have an apartment lease coming up for renewal and deciding it’s time to buy. As a result, they tend to look for places with 30-day move-in availability, which only occurs after the building opens.
Buyers with more money, often older, have more options. They can buy a condo and wait eight months to move in. It’s no big deal. So, the impression is that the market is stronger for larger units, but this may not always be the case. Sometimes, the market is just *different* for larger units, skewed towards those who think and operate long term.
SD
i hope our officials will not let these buffoons from texas screw up decatur with a texas-sized monstrocity. the site should be developed with residential, but it should reflect the scale and sensibilities of traffic-challenged atlanta neighborhood. e.g. it should be +/-50 units.
These units will be apartments not condos. The units will be small – 800 and 900 sq ft. The developer has said they may be sold later as condos if the market condo conditions improve but I wouldn’t count on it. I doubt this developer will hold this property after completion. It will probably be sold off to a property managment company. I expect these units will be apartments for a long, long time .