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Originally Posted by Atlas
So I guess CW Urban's "The Olive," which is the one that's under construction next to Pioneer Park, has gone from being condos to apartments. I wonder why they would make that switch this late in the game.
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Just guessing but it looks like they saw the writing on the wall. Just surfing their own projects it would seem like people are snatching up townhomes vs. condos, and of course, the apartment rental market is booking up faster than they can build them. Also, from what I understand both the natives and the flood of people moving into the Salt Lake City metro are renting apartments until they're able to make it to the front of the waiting line to order/construct their homes in places like Daybreak, etc. There's a big backlog order of single-family residential waiting for construction all over the Wasatch Front.
I was just noticing here in Downtown Los Angeles this morning that although highrise and midrise residential is moving along it seems to be at a snail's pace on many projects. I think the construction labor market never had a chance to fully recover from the great recession, and now it's experiencing labor shortages during historic demands in certain sectors.