Real estate markets are all local. Positive movement from the real estate development and investment perspective depends upon the local economic environment in the immediate market area.
Can the commercial space be rented? Depends. Supply? Demand? Growth?
What about residential sales? Depends. Job growth? Mortgage rates? Schools? Amenities? Government environment?
In a commercial setting, a very positive takeaway is seen at EastChase in Montgomery, Alabama. Excellent infrastructure and design twenty years ago has yielded excellent opportunities with the resulting high demand for mixed-use commercial development parcels and overall economic growth. Even at this stage of the development, new to the market hotels, restaurants, retail and related commercial activities of office and assisted care facilities have evaluated the sites available and then purchased, designed, built and now flourish. Still available for further development in EastChase is over thirty acres for commercial and office use.
The positive: The customer wanted new ideas, open-air concepts, varied development choices, interstate accessibility and a spectrum of possibilities; the developer, Jim Wilson & Associates (JWA), provided the product and the result is positive economic growth.
In a residential setting, JWA acquired over 1,000 acres in the eastern section of Montgomery, Alabama, then guided the development to include a new elementary school, a new high school, and a new YMCA facility all located along the mile roadway Park Crossing. Today, this development, known as New Park, continues to provide housing opportunities with new homes starting at $280,000.00.
The positive: Creating new housing opportunities for growing families with New Park helps meet new demand in a well-designed and strategic residential development.