A number of years ago there wasn't a condo for sale in Fayetteville but that changed rapidly as developers began turning everything available into condos in central Fayetteville. First there was the soo-called Three Sisters building, then the UARK Bowl, then the old St. Joseph's Catholic Church and school. Now there are also several new (large) buildings either planned or under construction.
The problem is that these condos are not inexpensive. Condos currently on the market in central Fayetteville are listed at around $200 per square foot--certainly not for the average working person. Granted, many retirees who might be downsizing may have the money to pay these prices, as may some young, well-paid professionals who want to be within walking distance of restaurants and nightlife on Dickson Street.
With the new mixed-use zoning plan, city planners anticipate turning Fayetteville into a "real city" with shops and commercial entities on the first floors of some of the new construction buildings, with condos upstairs. The problem is that land prices, especially in town, have risen so high that these condos are undoubtedly for an affluent group of people. The latest project to come before city planners calls for 20 condos, retail space and parking on a piece of land that is less than 1 acre in size. The land and existing building, which will be demolished, sold last year for $980,000. I have no idea what the asking price for these living spaces will be.
I'm not arguing with the concept proposed by the planning commission--a vibrant center city where commercial entities are within walking distance. It's just that it seems that no one has asked the question, "will there be too many condos as a result"? Despite a continuing flow of people into NW Arkansas, can Fayetteville's population absorb this large number of expensive multi-family units downtown?
For more information:
http://www.nwarktimes.com/nwat/News/42328/
http://www.nwarktimes.com/nwat/News/41377/
http://www.nwanews.com/adg/Business_Matters/153398/
http://www.nwanews.com/nwat/News/42544/
http://www.nwarktimes.com/nwat/News/42366/
http://www.nwaonline.net/articles/2006/07/01/news/01bzcondosuit.txt
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