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New Urban Exchange renderings available! |
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Urban Exchange - Done Digging, Now Building UP! |
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After MANY weeks of digging down (down, down, down), the foundation for Urban Exchange is finally coming up out of the ground!  For those of you who are not familiar with the project, Urban Exchange is a new construction project in downtown Harrisonburg to feature condos, apartments and retail space. Check out more photos of the construction process here! | |
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Digging Deep --- Harrisonburg's Downtown Condos |
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I am delighted to be a part of marketing and selling the Urban Exchange project --- an exciting new construction project in downtown Harrisonburg featuring retail space on the first floor and almost 200 apartments and condos. The photo below shows the excavation progress (these aren't just really deep footers, there will be two levels of underground covered parking). See more photos of the progress by clicking here.  | |
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Downtown Sewer & Gas Lines |
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Yesterday's issue of the Daily News Record included a letter to the editor from Dr. Bob Alotta commenting on the "local rock blasting" taking place at Urban Exchange -- or, as Dr. Alotta put it, "the new luxury condominiums on East Market Street." (the site of the demolition is pictured below) 1. Dr. Alotta states that "Since work began on this project, the water department had to replace three sections of sewer line in the middle of Newman Avenue..." 2. Dr. Alotta goes on to say that "A gas line was also ruptured." and that "...the city shouldn't have to absorb the cost of repairs..." that the builder should. | |
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Demolition Underway at Urban Exchange |
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Have you driven by Market Street, Mason Street or Water Street lately? Here's what you have been missing --- lots of demolition on the Urban Exchange site . . .  Urban Exchange will be comprised of retail space, and four floors of condos and apartments.  To see more photos, visit: http://www.ueharrisonburg.com/photos. | |
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Commercial Property Appreciation in Downtown Harrisonburg |
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I was recently asked about the rate at which commercial properties are appreciating (growing in value) in downtown Harrisonburg.  Getting to an answer took quite a bit of data collection and analysis, but here's what I have compiled . . . Methodology Properties meeting the criteria below were considered in this study, which resulted in a data set of 145 properties:
Point-to-point Sales Analysis A point-to-point sales analysis was completed of all properties for which two historical sales prices and dates were available, where the sale dates were at least two years apart. This resulted in a data set of 8 properties:
Five-Year Comparison of Assessed Values The 2003 assessed value and 2008 assessed value were compared for each of the 145 properties.
NOTE: The 12% per year increase in assessed values includes a number of properties purchased and rehabbed by investors (which, in some cases, caused major increases in assessed values). So, added value by investors is part of the 12% (not just perceived market appreciation by the assessor). | |
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Condos Are Coming To Downtown Harrisonburg! |
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Urban Exchange, an exciting new mixed-use development, will be built with frontage on East Market Street and Mason Street --- within walking distance to downtown Harrisonburg and JMU campus.  The six-story structure will be comprised of (196) 1, 2 and 3 bedroom condos / apartments, as well as approximately 12,000 s.f. of retail space -- to house tenants such as a coffee shop, restaurant, and other retail operations. These brand new, upscale units will be available both for sale or for lease. Amenities will include on-site parking, free internet and phone service, a state-of the-art fitness center, public space and an outdoor courtyard. Demolition on the existing structures will begin this month, and the entire project will be complete by Summer 2009. For more information about Urban Exchange, visit http://www.ueharrisonburg.com. | |
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Harrisonburg Lures Downtown Development |
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Harrisonburg is putting financial incentives in place to encourage development in downtown Harrisonburg. According to the Daily News Record (DNR) on November 14, 2007, City Council is considering extending tax break incentives to developers who are building new structures downtown. Here's the math, as I see it, per the article.... A developer invests $10M in constructing a new building to get eight year waiver of tax assessments. If the assessed value were also $10M, the total waived taxes would be $472,000 ($10M / 100 * .59 * 8). That comes out at a nearly 5% savings over 8 years --- not bad! This new proposal would be similar to the city's existing program for renovating downtown buildings. These financial incentives led to the re-development of the City Exchange building (now apartments and a restaurant). Per the DNR, "Real estate developer Barry Kelley said the historic building incentives were critical to his projects, including the renovation of the City Exchange building into apartments and a restaurant."  | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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