On Scott Rogers’ blog today, it was announced that all the condos at the Urban Exchange will be leased, not sold.
The reason, it is stated, is that while tenants have been signing up at the rate of 5 to 6 new leases per week, buyers have been more hesitant to commit until the condos are complete. Coupled with the fact that construction in the East Wing (for lease) began two months earlier than the West Wing (for sale), 75% of the units for lease were reserved as of last week vs. 15% of the units for sale. This means that pretty soon, the developers would have to start turning away people interested in leasing while the for sale wing of the building remained available.
Read the full release here.
Also mentioned is the interesting possibility of future downtown housing projects from the same group of developers, who are also responsible for the City Exchange rehabilitation project. According to the release, the next two projects will be much smaller than the UE, between 15-25 units, and will offer opportunities for people to become downtown condo owners. If you are interested in joining a focus group to discuss the projects, visit this link.