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They said the same thing about Washington. Nothing there but shacks and tracks. All it had going for it was location. Almeda is on "the good side of the tracks", actually the freeway, and is surrounded by money and development. The street is wide and there's really not a "destination" blvd for drinks and eatums anywhere nearby. So, I think that is the standard idea as to why it could become something one day.

The only thing is that Washington evolved naturally with the townhouses coming first, then the retail. Almeda doesn't have a bunch of teardowns in the area allowing townhouses to get built en masse like the Wash area, so that would mean more expensive residential projects, which are far less likely to just start sprouting up in clusters. However, the pattern of retail development doesn't have to be the same for Almeda. They can start by attracting the Med Center-Museum crowd and add the condo towers down the road.

So there, rich developers. We've done all the figuring out for you, now just get to work! :lol:

I guess with it being so close to "sophistication," the med center, park and museums, that's why I couldn't see it happening. But I guess anything is possible.

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I see. Thanks for the detailed understanding. My version of "correct vision" is one of a layman, a dreamer, taking into account the area's potential, the views, the park, Med Center and the striking architecture. Apparently it sounds as if the professionals involved's collective vision was about as pie-in-the-sky "good sense" as mine. :rolleyes:

So we are left with a couple of new towers, all by there lonesome in a part of town that is showing signs of waking from the dead and reincarnating as something entirely different. The value in these units could then rise as well and the towers become what they were originally envisioned as, just 10-20 years later.

Mosaic and Montage will stabilize, eventually. Even then, however, 792 units really isn't that many in the grand scheme of a community. There are many times that number already existing within a mile of there; not to mention many tens of thousands of jobs.

Also, on account of that the ratio of improvements to land value is so horribly askew, on account of that there is still so much developable land, and on account of that improvements depreciate (the same as a car)...no, the condo values are destined to fall. Look at 2016 Main. You can buy a well-located highrise condo for really not very much money; but you end up paying more toward maintenance fees than toward the mortgage.

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  • The title was changed to Hanover Hermann Park: Multifamily At 5927 Almeda Rd.
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