2007-10-08T08:37:12-07:00

October 3, 2007 -- The City of Springfield and the Urban Districts Alliance released an updated Urban Housing Study which showed the number of units increased from 45 in 2002 to 299 in 2007. Projections call for another 550 units to come online by 2012. Southwest Valuation, under the direction of Rick Muenks, MAI, performed the study, which examined the growth in the number of loft apartments and condominiums in the downtown and Commercial Street historic business districts. The key indicators -- the number of units, occupancy rate, average rent per unit, and average rent per square foot – all showed significant gains over the past five years. An Executive Summary of the study will be released at the news conference. Condominiums are a relatively new option for Center City with less than five percent of the total inventory available for purchase. However, representatives from Springfield’s two largest condominium projects – The Lofts at Jordan Creek and Six23 – will be available to meet with the media. The number of loft residents also has grown from approximately 80 in 2002 to 570 in 2007. Two couples who live and work downtown will be available to meet with the media. The study was funded through a public/private partnership of the City of Springfield, the Springfield Finance and Development Corporation, the UDA, Bancorp South, Commerce Bank, Empire Bank, Great Southern Bank, Guaranty Bank, Liberty Bank, Mid-Missouri Bank, US Bank, Brentwood Management, Design Agency, Matt Miller Company, Tom and Nancy Dornan, and Carlson Gardner. For more information, contact: Rick Muenks, Southwest Valuation, 417-866-8300 or Rusty Worley, 35

2007 Urban Housing Study

2007-10-08T08:39:41-07:00