Friday, October 3, 2008

Who will pay how much?

I'm working on a mixed income housing project in the uptown (go volunteerism!). To make a successful project in this context a developer has to mix subsidized units with higher rent "market units."

I think our design is great and the units are some of the best apartments the city will have.

I know that many of the higher end renovated apartments uptown are being rented to workers in Saint John participating in "Energy Hub" projects. If the Eider Rock refinery does not proceed in the next few years, I wonder if there will be adequate demand for "luxury" apartments.

I am hopeful that the demand will exist. I also expect that the demand for this type of unit is more diverse than just visiting professionals. If *new* high end apartments are available in the uptown, perhaps more empty-nesters and KV downsizers will be willing to pay higher rents to live uptown.

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This is the account used for updating the Urban Plans for Saint John Blog.