It should come as no surprise to Downtown enthusiasts that Downtown is becoming one of Jacksonville’s hottest real estate markets, and with more than 600 units under construction, it’s going to get even hotter. With more than 15 living spaces to choose from, Downtown residential complexes include everything from a historic former hotel, The Carling, to The Peninsula, a modern high-rise luxury condominium.
DVI recently polled Downtown living spaces for occupancy rates and are pleased to report a 94% occupancy rate for the 11 residential buildings surveyed. Here are five examples of occupancies Downtown:
- The Strand at St. Johns: 284 out of 295 units occupied
- San Marco Place: 141 out of 141 units occupied
- The Peninsula: 234 out of 234 units occupied
- The Metropolitan: 89 out of 118 units occupied
- W.A. Knights Loft: 12 out of 12 units occupied
You may be asking yourself, why do urban areas including Downtown Jacksonville have such high occupancy rates? According to placemakers.com, cities are now becoming the fastest growing communities compared to the suburbs. Most of these new urban-area residents, known as the Generation Y, are 20-somethings who prefer the city life due to the conveniences and amenities it provides.
So what are some benefits of living in Downtown Jacksonville, you ask? Jacksonville’s core boosts more than 90 restaurants, 20 bars and clubs, close proximity to hundreds of workplaces and hundreds of cultural events to enjoy throughout the year. Many choose the Downtown area because of the nightlife, accessibility to entertainment and easy access to high-quality dining without the need to drive.
While DVI’s numbers prove Downtown has a hot residential market with competition to get into the most popular properties, there are several opportunities to grow in the works. Examples of residential projects currently under construction or proposed include 220 Riverside, the Brooklyn Riverside and The Jacksonville Landing‘s proposed addition of residential units.