WINSTON-SALEM | Development Guide

[DCMetroWinston]

Originally Posted by Matthew

It seems like The Byrum is moving ahead of Brookhyrst, likely due to being near the new proposals/construction in downtown? The reemergence of these two large apartment proposals is due to recent growth in downtown's housing demand and population over the past three or four years. Downtown's population dropped and inflation was on-the-rise after the pandemic, leading to these two apartment buildings being placed on-hold. That drop reached its bottom in 2022. From 2023-2026, downtown has gained an estimated 1,000 people and has growing demand again for more housing. Downtown now has a higher population than before the Pandemic and only a few small residential projects have entered the downtown market since that time. These two massive apartment projects are benefiting from being ready-to-go. After seeing them on-hold for so long and knowing inflation is still a little high, I'm concerned, but there are many positive signs saying they are starting. They were never cancelled. Just placed on-hold until conditions improved. Maybe this is the first sign of downtown returning to where it was in January 2020? I guess we shall see what happens. If it continues to move forward, The Byrum will likely enter the downtown market in early-2029, as those other big Innovation Quarter projects we discussed (11-storey Life Science Tower, two hotels, etc.) are finishing construction. Great timing! Thank you for the photographs!

Very interesting, Matthew. Do we have current stats on apartment vacancy rates downtown? Also, do you know what is going on with construction on Metropolitan Village phase 2? It seems stalled.