The rise and grass-roots resurrection of the Midtown has been pretty spectacular over the last couple years. Reno even took notice, and met to establish a Midtown Planning Overlay today. But from my point of view, Midtown is already over.
All the low hanging fruit has already been picked in Midtown. There is too much competition buying the few foreclosures and other available properties still in play there, and all the large parcels have already changed hands. The Marmots scored the last remaining big chunk available last week for a cool $1,775,000. There is just no profit potential for developers in Midtown anymore, so they are moving outward. It looks to me like the next development window is going to be moving north of Liberty Street to the river. The Carter Brothers play for the post office is just one example there, and I am working with 2 clients looking at Midtown North for development opportunities. You might see a little development East of Wells, but only a few blocks deep. NE of downtown south of the freeway looks interesting. The Pawning Addition west of downtown might be the next “it” place to be.
Midtown will continue to develop and fill out, especially when the Carterville retail project finally breaks ground and fills up (I hear that there are commitments on over half the proposed buildings, but can’t confirm that). A critical mass has already been established in the neighborhood to sustain growth. But from now on, it is going to be individuals doing the gentrification and not the developers. The smart money is moving on.
So I guess I mean the “Midtown is Over” comment in a positive light for the community which will continue to grow and fill out, but in a negative light from point of view of the big money developers who need to be on the bleeding edge to make their projects pencil out.
Are there any other areas you think are redevelopment worthy?