Quote:
Originally Posted by jsbrook
I hope so...however there are a number of luxury condo projects that are ahead of this and will be completed earlier. Developers are not looking at the market in 2015 or 2016 except as a baseline to extrapolate and try to anticipate what demand like look like on completion. The potential mixed use of this project is encouraging. With commercial/office, retail, and rental, it is not completely dependent on condos to be profitable. At least not in the shorrterm. There is some wiggle room for the market to absorb the luxury condos that hit before it as a result of funds coming in from the non-condo portion.
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I agree--and the mixed-use model definitely seems to be taking hold: CITC, FMC, SLS International, etc.
But I think this article's focus on Rittenhouse Square, in particular, is somewhat encouraging in terms of the luxury condo market in that area, since this lot is really one-of-a-kind in terms of a vacant lot's proximity to the Square, itself, and its micro-market. And of course, the hotel component can also be a winner in that regard.