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Downtown Profile
Living Downtown is as popular as ever. As of Dec. 31, 2005, Downtown had 6,286 residents living in 3,580 housing units. This represents a 69 percent increase in population over 5 years (see chart below). Several hundred additional housing units opened in 2006. A quick survey (not statistically projectable) indicates the rental units are leasing up as fast as they come on the market. Within just a few months of coming on the market, the Berry Burk building at 6th and Grace Street (31 units) and the American Tobacco Building at 20th and Grace (153 units) claimed “we are 100 percent leased.”
2000-05.
of Community Development.
Just a few years ago, it was hard to find a “for sale” housing option in Downtown. Why? Because for the last 15 years or so developers have been taking advantage of the Federal and State Historic Tax Credits, which help make the redeveloping old buildings financially feasible. One hitch is that in order to qualify for the Federal Tax Credits (25percent) your residential units have to be rental units for 5 years. Thus the large number of rental units.